A major new global index has cast a spotlight on the explosive vitality of China’s startup ecosystem. The findings reveal that Chinese firms now account for more than a third of the world’s fastest-growing companies, demonstrating exceptional strength in frontier sectors such as biotechnology and semiconductors.
Inside the Hurun Global Gazelle Index 2025
Published by the Shanghai-based Hurun Research Institute in partnership with Yonyou Network, the Hurun Global Gazelle Index 2025 maps the landscape of the world’s most promising startups. The list identifies 621 “gazelles” defined as companies founded after the year 2000, currently valued between $500 million and $1 billion, and likely to achieve “unicorn” status (a valuation of $1 billion) within three years.
While the index underscores a worldwide surge in innovative enterprise, China’s dominance is the headline story. With 207 gazelles, China represents over 33% of the global total. In the last year alone, the country added 55 new entrants to the list, a testament to its resilient entrepreneurial spirit despite broader global economic headwinds.
A Widening Gap: China vs the Rest
China’s leadership in the rankings is stark, boasting nearly three times as many gazelles as the United States, which trails with 74 companies. Domestically, innovation is clustered in key metropolitan hubs: Shanghai tops the table with 52 gazelles, followed closely by Beijing (45) and Shenzhen (31). This “two + one + three” formation is further bolstered by emerging innovation centres in Suzhou, Nanjing, and Hangzhou.
This geographic concentration is no accident; it reflects sustained government backing through strategic initiatives such as “Made in China 2025“, which prioritises technological self-reliance and innovation-led growth. Globally, the data signals a decisive shift towards Asia, where China’s ecosystem is thriving on substantial venture capital investment and a deep reservoir of skilled talent.
Dominance in Strategic Sectors
The index highlights biotechnology and semiconductors as the primary engines of this growth, accounting for the highest volume of future unicorns and Biotechnology, Chinese startups are pushing the boundaries of genomics and drug discovery, supported by sector investments that topped $10 billion in 2025. Semiconductors too are in amidst ongoing trade complexities with the US, Chinese chip firms are accelerating breakthroughs in design and fabrication, aided by state-backed funds dedicated to securing domestic supply chain resilience.
Beyond these pillars, Chinese gazelles are also leveraging speed and scale to outpace competitors in artificial intelligence (AI), fintech, and clean energy.
This ranking serves as a powerful indicator of China’s potential to reshape the global technology landscape and drive post-pandemic economic recovery. However, the path ahead is not without obstacles, as firms navigate tighter regulatory scrutiny and geopolitical risks. Nevertheless, analysts forecast continued expansion, with many of these agile companies now setting their sights on international markets.