Shanghai is home to 59 unicorn startups, representing a diverse mix of industries from hardware to retail. The list is topped by energy provider Envision Group, valued at $21B, and social e-commerce platform Xiaohongshu at $17B.
The city's private market also includes major players in healthcare data, like Ping An Healthcare Management with its $9B valuation. Other notable companies include ride-sharing service Hello TransTech, which has secured $2B in funding.
Below is the full list of 59 Shanghai unicorn startups at this time.
Top 10 Most Valuable Shanghai Unicorns
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2,189 Accelerators & Incubators
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1,600+ Unicorns
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250 BioTech & Health Investors
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250 AI Investors
List of 250 startup investors in the AI and Machine Learning industries, along with their Twitter, LinkedIn, and email addresses.
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250 Fintech Investors
List of 250 startup investors in the FinTech and Finance industries, along with their Twitter, LinkedIn, and email addresses.
Get the Sheet for $50Envision Group develops smart wind turbines and AIoT-powered software for managing renewable energy assets. Their technology helps build a connected energy ecosystem to make clean power more accessible and affordable on a global scale.
| Valuation | $21B |
| Year Founded | 2007 |
| Founders | Allan To, Lei Zhang |
| Funding Amount | $2B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series B |
| Top Investors | GIC, HSG, Primavera Capital Group |
Xiaohongshu created a social commerce platform for users to share product reviews and shopping experiences. Their app has become a major destination for product discovery by integrating user-generated content directly with e-commerce.
| Valuation | $17B (Joined March 2016) |
| Year Founded | 2013 |
| Founders | Charlwin Mao Wenchao, Miranda Qu |
| Funding Amount | $917.7M |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series E |
| Top Investors | Alibaba Group, Tencent, Hillhouse Investment, Temasek Holdings, HSG |
Ping An Healthcare Management develops technology for medical data collection and analysis as part of the Ping An Insurance Group. They are creating an open healthcare service platform designed to become the largest in China.
| Valuation | $9B |
| Year Founded | 2005 |
| Founders | Mingzhe Ma |
| Funding Amount | $1.2B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series A |
| Top Investors | SoftBank Vision Fund, SBI Group, IDG Capital, Hermitage Equity Partners |
Hello TransTech develops a leading local travel platform in China, providing services that range from bike and e-bike sharing to carpooling and ride-hailing. They are focused on applying digital technology to make short-distance travel more convenient, efficient, and environmentally friendly for their users.
| Valuation | $6B |
| Year Founded | 2016 |
| Founders | Han Mei, Jiang Wei, Li Kaizhu, Yang Lei |
| Funding Amount | $2B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Corporate Round |
| Top Investors | Fosun International, WM Motor, Alibaba Group, Ant Group, Primavera Capital Group |
GTA Semiconductor manufactures specialty integrated circuits, operating as a foundry for the automotive, industrial, and high-end consumer electronics sectors. Their R&D and production efforts are centered on specific technologies like power devices, analog ICs, and MEMS.
| Valuation | $6B |
| Year Founded | 2017 |
| Founders | — |
| Funding Amount | CN¥22B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Venture Round |
| Top Investors | China Internet Investment Fund, Cathay Capital, CICC, CPE, Shang Qi Capital |
CMC Capital Partners backs leading companies in China's media, entertainment, and technology industries. The private equity firm builds and manages a portfolio of influential brands, shaping development in these key consumer sectors.
| Valuation | $6B |
| Year Founded | 2010 |
| Founders | Ruigang Li |
| Funding Amount | CN¥10B |
| Company Size | Lean Team (11-50) |
| Last Funding Status | Series A |
| Top Investors | Vanke, Alibaba Group, Tencent, CMB International Capital Corporation |
United Imaging Healthcare develops and manufactures a wide range of advanced medical imaging and radiotherapy equipment. Their technology is designed to help healthcare providers improve diagnostic precision and expand access to care.
| Valuation | $5B |
| Year Founded | 2011 |
| Founders | Daniel Mou |
| Funding Amount | CN¥3.3B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Series A |
| Top Investors | CMB International Capital Corporation, China Life Insurance, CICC, SDIC Fund Management, CITIC Securities |
Sunwoda Electric Vehicle Battery engineers and produces lithium-ion battery systems for new energy vehicle companies. They deliver complete battery pack solutions that cover everything from the battery cells and modules to the battery management system (BMS).
| Valuation | $5B |
| Year Founded | 2014 |
| Founders | — |
| Funding Amount | CN¥16.1B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Series B |
| Top Investors | Meituan, Li Auto, Nasdaq, Source Code Capital, Shenzhen Capital Group |
WeWork China brings the global flexible workspace model to the Chinese market, providing shared offices and related services. They offer businesses everything from individual desks to entire customized headquarters within a community-driven environment.
| Valuation | $5B |
| Year Founded | 2017 |
| Founders | — |
| Funding Amount | $1.2B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Private Equity |
| Top Investors | Goldman Sachs, Benchmark, JP Morgan Chase, Temasek Holdings, Wellington Management |
Manner built a specialty coffee chain on the idea that quality coffee can be both healthy and affordable. They’ve become known for their rapid expansion and for providing a high quality alternative to more expensive coffee brands.
| Valuation | $5B (Joined December 2020) |
| Year Founded | 2015 |
| Founders | Yulong Han |
| Funding Amount | — |
| Company Size | Lean Team (11-50) |
| Last Funding Status | Venture Round |
| Top Investors | Coatue, Longzhu Capital, Capital Today, Temasek Holdings, ByteDance |
The Remaining 49 Unicorns Founded in Shanghai
The ten most valuable unicorns are just a small part of Shanghai's startup story. Many of the other major players are concentrated in mobility and artificial intelligence.
The list includes companies that are just getting started and others that have been building for years. Here’s a look at the rest of the unicorns that make Shanghai’s startup scene so strong.
