These billion-dollar companies have an aggregate valuation of about $84B, led by Beijing-based Bitmain Technologies.
China is rapidly becoming the land of the unicorns.
Thirty-seven Chinese companies reached billion-dollar valuations in 2018, operating in areas as diverse as healthcare, transportation, and education, among others.
Most of the companies are based in Shanghai or Beijing, though several are located in Hangzhou, Guangzhou, and other cites.
Using CB Insights data, we identified all the China-based startups that have reached a $1B+ valuation in 2018. Below are more details on each of the companies that make the list, ranked by valuation.
Total Funding: $450M
Company Description: Beijing-based Bitmain Technologies produces bitcoin mining servers and other computing components. In February 2019, the company announced that it had developed an energy-efficient ASIC chip to be used for Bitcoin and Bitcoin cash mining.
Select Investors: Sequoia Capital China, IDG Capital, EDBI, Coatue Management
Total Funding: $2B
Company Description: Headquartered in Guiyang, Manbang Group has been called the Uber of truck hailing. Similar to the ride-hailing service, Manbang Group enable companies to connect with readily available drivers. As of 2018, more than 5 million drivers and 1.25 million shippers have signed onto the platform.
Select Investors: GGV Capital, Sequoia Capital China, Tencent Holdings, SoftBank Group, capitalG, Lightspeed China Partners
Source: China Money Network
Total Funding: $2.09B
Company Description: Easyhome is headquartered in Beijing and sells home furniture and design products. Alibaba Group reduced its stake in Easyhome from 15% to 5% in early 2019 as the Chinese furniture market faces a challenging near-term market.
Select Investors: Sequoia Capital China, JD Capital Management, Alibaba Group
Total Funding: $2.08B
Company Description: Hello TransTech operates a smart bike-sharing system out of Shanghai. Users can look up where available bikes are stored and rent them for short-term trips. Since the bikes are equipped with GPS and smart locks, they don’t need human oversight for each rental.
Select Investors: GGV Capital, Ant Financial Services Group, Primavera Capital Group
5. XPeng Motors
Total Funding: $1.34B
Company Description: XPeng Motors founder He Xiaopeng was inspired to start his Guangzhou-based company by Tesla. He said he was motivated by the Tesla patents that were made open-source, and his own cars are significantly influenced by Elon Musk’s vehicles. The electric vehicle producer plans to hire 5,000 new employees this year.
Select Investors: GGV Capital, Foxconn Technology Company, IDG Capital, Matrix Partners China, Alibaba Group, Lightspeed China Partners
Total Funding: $1.33B
Company Description: Youxia Motors is also in the business of electric vehicle production. Based in Shanghai, the company purports to be involved in research & development, design, production, sales, and service — according to its website.
Select Investors: Qianhai Wuton Mergers and Acquisition Funds, China Environmental Protection Industry, Gezhi Asset Management
Total Funding: $517M
Company Description: The Guangzhou company CloudWalk develops artificial intelligence facial recognition technology. Its tech has been deployed for several different security applications, including passenger and ticket scanning for air travel, door entry scanning, and law enforcement strategies.
Select Investors: Shunwei Capital Partners, Oriza Holdings, Guangdong Technology Financial Group, Atlas Capital
Total Funding: $621M
Company Description: Ziroom is an apartment rental platform. Although the company is headquartered in Beijing, it operates in several other cities including Shanghai, Shenzhen, and Chengdu, among others.
Select Investors: Warburg Pincus, General Atlantic, Sequoia Capital China, Tencent Holdings
Total Funding: $381M
Company Description: Shanghai Henlius is a biotech company that develops cancer and autoimmune drug therapies. In addition to its Shanghai campus, it also operates research and development labs in Taiwan and California, according to the Shanghai Henlius website.
Select Investors: Jacobson Pharma, Fosun Pharmaceutical, Green Tomato, China International Capital Corporation
Total Funding: $652M
Company Description: Meicai aims to disrupt the agricultural industry with its online platform that enables farmers to sell their produce to restaurant clients. Restaurant owners can order produce via Meicai’s smartphone app, enabling direct commerce with farmers rather than relying on intermediaries.
Select Investors: Tiger Global Management, Genesis Capital, Shunwei Capital Partners, Blue Lake Capital, Meituan
11. YITU Technology
Total Funding: $355M
Company Description: YITU Technology, which originates from Shanghai, develops several forms of artificial intelligence technologies, including natural language processing and machine learning. Its solutions have broad applications in healthcare, finance, and other sectors.
Select Investors: Sequoia Capital China, Hillhouse Capital Management, ZhenFund, Yunfeng Capital
12. Luckin coffee
Total Funding: $400M
Company Description: Since its 2017 launch, the Beijing coffee company has opened 2,000 stores throughout the country and is viewed as a serious competitor for Starbucks in China. It plans to more than double that number this year.
Select Investors: JOY Capital, Lu Zhengyao, Legend Capital, GIC, Centurium Capital, China International Capital Corporation
Valuation: $2.19B [Before IPO]
Total Funding: $732M
Company Description: Babytree is a Beijing-based online parenting platform that allows users to blog about their parenting experiences, share photos and videos, and exchange tips and resources with fellow mothers and fathers. The company went public a few months after it reached a $1B+ valuation.
Select Investors: Matrix Partners China, TAL Education Group, Jumei International Holdings, Fosun International, Alibaba Group
14. MINISO Life
Total Funding: $146M
Company Description: MINISO Life’s Chinese operation runs out of Guangzhou, but the company’s reach extends globally. It operates its low-cost retail stores in countries including Germany, India, Mexico, and the US, and plans to have 10,000 stores worldwide by 2022.
Select Investors: Tencent Holdings, Hillhouse Capital Management, Grupo Sanborns
Valuation: $1.6B (Before IPO)
Total Funding: $200M
Company Description: Qutoutiao runs an app-based news aggregation service that uses artificial intelligence to curate content for individual users. The company went public in September 2018, just 6 months after it reached unicorn status.
Select Investors: Tencent Holdings, Shunwei Capital Partners, Xiaomi, Lighthouse Capital, Redpoint Ventures China
16. Jusfoun Big Data
Total Funding: $137M
Company Description: The Beijing company Jusfoun Big Data is a government data asset operator. It has worked with the Israel Commercial Union and more recently with the China Fisheries Association. In the latter case, Jusfoun Big Data and other partners are using data to increase efficiencies in the industry.
Select Investors: Boxin Capital, Hongtai Capital Holdings, China Venture Capital, DT Capital Partners, ChinaEquity Group, IDG Capital
17. Cao Cao
Total Funding: $381M
Company description: Cao Cao is a ride-hailing company looking to provide energy-efficient transportation options to users in several Chinese cities. In addition to Hangzhou, it operates in Ningbo, Xi’an, Chengdu, Qingdao, and several other areas.
Select Investors: Zhongrong International Trust, People Electrical Appliance Group China, Undisclosed Investors
Total Funding: $182M
Company Description: AIWAYS manufactures smart electric vehicles. It is based in Shanghai but is expanding beyond China. The company announced that it will begin selling an SUV model in Europe in 2019.
Select Investors: Jiangsu Sha Steel Group, Shanghai Puyin Industry, Funa Yuanchuang Technology, Fuding Capital
Total Funding: $278M
Company Description: The Shanghai company is a recommerce platform, meaning it enables users to recycle their used electronics by selling them through Aihuishou, which then decides how to use the products. Depending on its condition and long-term viability, the secondhand materials might be resold in other marketplaces or recycled via specialist companies.
Select Investors: Morningside Venture Capital, JD.com, Shenzhen Capital Group, Cathay Capital Private Equity, Fortune Capital, Tiger Global Management
Total Funding: $227M
Company Description: Shenzhen-based Coocaa is a smart consumer electronics developer, working on devices such as smart TVs, Bluetooth ear pieces, and gaming accessories.
Select Investors: Tencent Holdings, iQIYI, Baidu
Total Funding: $145M
Company Description: Based out of Beijing, 4Paradigm develops machine learning software that can be used in a variety of use cases.
Select Investors: Bank of China, Genesis Capital, Zhongwei Capital, Sequoia Capital China, Sinovation Ventures
Total Funding: $580M
Company Description: Tuhu is an online-to-offline (O2O) company based in Shanghai that enables consumers to purchase car-related services online, including those related to oil changes and maintenance. Tuhu users may book maintenance appointments through the app or website, as well as purchase products through those digital channels.
Select Investors: Qiming Venture Partners, Legend Capital, Hillhouse Capital Management, Goldman Sachs, The Carlyle Group, CCB International, Sequoia Capital China, Tencent Holdings, Baidu Ventures
Total Funding: $367M
Company Description: The Beijing B2B digital retailer sells liquor and wine to offline retailers as well as to convenience stores.
Select Investors: Lighthouse Capital Partners, Eastern Bell Venture Capital, Source Code Capital, Yuan Sheng Ventures, Meituan Dianping, Tencent Holdings
Total Funding: $53M
Company Description: Beijing’s Nxin company developed an e-commerce, data, and financial services platform tailored to the agricultural industry.
Select Investors: Beijing Juneng Hesheng Industry Investment Fund, Beijing Shuju Xinrong Fund
25. Tiger Brokers
Total Funding: $140M
Company Description: Tiger Brokers is a fintech company. From Beijing, it runs an online brokerage and financial advisory firm.
Select Investors: China Renaissance, ZhenFund, Xiaomi Ventures, HG Capital, China Growth Capital
Total Funding: $385M
Company Description: 17zuoye is an education company based in Shanghai, China. It provides learning support for K-12 students, including live tutoring and supplementary educational materials.
Select Investors: ZhenFund, Shunwei Capital Partners, Tiger Global Management, DST Global, Temasek Holdings, Bytedance
27. Aijia Life
Total Funding: $146M
Company Description: Aijia Life, operating out of Nanjing, provides home construction and furnishing services. Its suite of products and solutions include construction services as well as selling art and furniture.
Select Investors: Fortune Capital, Zhenghedao Fund, Tiantu Capital
28. Ding Xiang Yuan
Total Funding: $172M
Company Description: Hangzhou’s Ding Xiang Yuan is a healthcare platform that allows for information sharing on important components such as drug data.
Select Investors: Tencent Holdings, Trustbridge Partners, DCM Ventures, Shunwei Capital Partners
Total Funding: $214M
Company Description: FlashEx provides efficient and secure logistics services, streamlining the service by assigning a task to a single courier who takes ownership of the assignment.
Select Investors: SIG Asia Investments, Matrix Partners China, JD Capital Management, Tiantu Capital, Hearst Ventures
Total Funding: $234M
Company Description: Geek+ is a Beijing company that develops robotics and logistics solutions for warehousing purposes.
Select Investors: Gaorong Capital, Volcanics Ventures, Vertex Ventures China, Warburg Pincus, ALOG
31. Huike Group
Total Funding: $63M
Company Description: Beijing-headquartered Huike Group focuses on business training software for developers and project managers in areas like digital marketing and cloud computing.
Select Investors: Shenzhen Qianhe Capital Management Co., China Oceanwide Holdings, Xinlongmai Capital
Total Funding: $35M
Company Description: The Hangzhou company JOLLY Information Technology is an e-commerce platform that sells clothing apparel and accessories.
Select Investors: Legend Capital, Sequoia Capital China, CDH Investments, Ping An Ventures, Fuanna Group, Fortune Capital
Total Funding: $151M
Company Description: Beijing’s LinkDoc Technology provides HIPAA-aligned data services targeted at the oncology field.
Select Investors: New Enterprise Associates, China Broadband Capital, Cenova Ventures, Ally Bridge Group, China Investment Corporation
Total Funding: $251M
Company Description: This Chengdu-based startup provides a social platform for physicians, allowing them to exchange information and consult with one another to broaden their knowledge bases.
Select Investors: Tencent Holdings, Yunfeng Capital, Sequoia Capital China
Total Funding: $62M
Company Description: Momenta is an AI company developing autonomous driving technology. Among its products are Mpilot, Momenta Valet Parking (MVP), and AutoRing.
Select Investors: Shunwei Capital Partners, Sinovation Ventures, Sequoia Capital China, Hillhouse Capital Management, Daimler, Cathay Innovation, GGV Capital, Tencent Holdings
Total Funding: $233M
Company Description: SoYoung provides both an e-commerce and social platform around plastic surgery. Prospective enhancement-seekers can source reviews and insights through SoYoung, as well as reach out to clinics whose services they may want to purchase.
Select Investors: Trustbridge Partners, Matrix Partners China, Tencent Holdings, Apax Partners, CDH Investments, Orchid Asia Group Management
Total Funding: $279M
Company Description: Beijing-based Unisound develops smart voice and speech processing programs.
Select Investors: Qiming Venture Partners, Qualcomm Ventures, China Internet Investment Fund, JIC Capital Management
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity