This undated file photo shows a rendering of the area of Qianhai economic zone in Shenzhen. (PHOTO PROVIDED TO CHINA DAILY)

A total of 171 Chinese companies made the Hurun China Gazelles 2021 — a list of companies set up after 2000 that are most likely to "go unicorn" within three years, with those from the Guangdong-Hong Kong-Macao Greater Bay Area accounting for 31, or 18 percent, according to a ranking released by the Hurun Research Institute in association with Beijing-based accelerator Tojoy in Shenzhen on Thursday.

The number of companies on the list was 71 more than that of last year and more than double that of two years ago. 

Shanghai surpassed Beijing to top this year’s list with the biggest number of such “promising stars”, having 54 such companies on the list, compared with 30 in 2020

Thirty companies were promoted from last year’s Gazelle list, 15 by becoming unicorns, 14 getting listed and one acquired. Thirteen dropped out.

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Shanghai surpassed Beijing to top this year’s list with the biggest number of such “promising stars”, having 54 such companies on the list, compared with 30 in 2020. Beijing ranked second with 39 companies, five more than last year. Shenzhen came third with 21, logging 14 more such companies from a year ago. 

The results were based on the data study of nearly 1,500 non-public companies in emerging industries.

“Unicorns” refer to startups valued at more than $1 billion. As innovation and entrepreneurship continues to gain steam in China, several Chinese startups are becoming leaders in their respective industries.

According to the 2021 Hurun ranking, biotech remains the sector where possible future “unicorns” gather the most. Forty-one companies on the list are from the biotech sector, 24 more than last year. 

That was followed by the enterprise service and artificial intelligence sectors, with 27 companies and 15 companies respectively. 

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Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said the Chinese capital market has played a significant role in promoting the growth of startups in the country by providing them with funds and helping standardize their development. 

The Shanghai Stock Exchange’s sci-tech innovation board and the recently-launched Beijing Stock Exchange, in particular, have made it possible for more investors to take part in the development of the country’s most successful startups, he said.

sally@chinadailyhk.com