Qingdao's 'hidden unicorns' drive innovation in niche markets

"We're committed to advancing smart home innovation through scenario-based product upgrades," said Lian Jingjin, the company's general manager.

Another standout, China Ecology Technology Investment Holding Group, produces intelligent life jackets that transmit real-time satellite coordinates of wearers in distress, enabling rapid rescue operations.

Supportive local policies have contributed to the growth of these "hidden unicorn" companies. Qingdao has launched a three-year action plan (2025-27) to promote the development of unicorn and gazelle companies. The plan includes incentives for funding, talent recruitment, and market expansion.

"These companies may not be large in scale, but they are national and even global leaders in their specialized fields," said Jiang Changhai, deputy director of the Qingdao Municipal Bureau for Private Sector Development.

According to official statistics, the city is now home to 54 unicorn companies, injecting fresh momentum into Qingdao's innovation landscape.