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China’s tech hub Shenzhen, home to Huawei and Tencent, wants to become a ‘unicorn’ paradise
The southern Chinese tech hub of Shenzhen, known as the country’s answer to Silicon Valley, has drafted a plan to cultivate more “unicorn” companies and help them achieve public listings, as the city jostles with Beijing, Shanghai and Hangzhou as China’s top base for highly valued tech start-ups.
Under the blueprint unveiled by Shenzhen’s Development and Reform Commission last week, the city wants to build a pool of unicorns – privately-held technology start-ups worth at least US$1 billion – in areas including biotechnology, semiconductors and integrated circuits (IC), quantum technology and other emerging industries of strategic importance.
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