China's fast-growing firms make up one-third of global gazelle ranking

BEIJING -- A global ranking of fast-growing startups in 2025 showed that companies headquartered in China accounted for over one-third of the list, underscoring the country's strong potential in emerging technology sectors such as biotechnology and semiconductors.

Of the 819 global gazelle companies, unlisted firms most likely to reach a valuation of $1 billion within three years, 278 are from China, marking an 8 percent year-on-year increase and placing the country second only to the United States, which saw an 8 percent decline, according to Hurun Future Unicorns: Global Gazelles Index 2025 released on Tuesday.

Since 2019, the number of gazelle firms in China has nearly quadrupled, rising from 70 to the current count. In the past year alone, 55 new Chinese companies were added to the list, with biotechnology and semiconductors standing out as the sectors hosting the largest number of future unicorns, said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

"Innovations in medical devices, biotech and digital health are transforming disease treatment, diagnostics and patient care. China and the US are leading this healthcare revolution," added Hoogewerf, also known by his Chinese name, Hu Run.

Headquartered in East China's Nanjing, TransThera Sciences is recognized as one of China's most successful transitions from a gazelle company to a publicly listed firm. The biotech firm pioneered a "resistance-breaking" precision medicine platform by engineering smart small-molecule drugs.

Meanwhile, another report released on Monday ranking Chinese AI companies shows that enterprises specializing in AI chips were the most notable performers in 2025, taking seven of the top ten spots.

Last year, 146 gazelle companies achieved "graduation" by becoming unicorns, going public, or being acquired. Among them, 82 were from the United States and 26 from China, according to the gazelle ranking.

Notably, five Chinese companies, including biotech firm Shanghai Cell Therapy, alongside robot makers Mech Mind and AgiBot, have each surpassed a valuation of $1 billion and are set to join the Hurun Unicorn List in 2026, despite still being categorized as gazelles.

The ranking of cities with the most gazelle companies is led by San Francisco, followed by Shanghai, Beijing, New York and Shenzhen in the top five. The United States and China together account for 71 percent of the global gazelle companies, according to the ranking.

The companies on the list have an average valuation of $700 million, with the majority growing at an annual rate of around 20 percent.