China's Growth Opportunities and Offshore Investing
Chinese Pvt Equity Markets
Number of unicorns by city*
Hurun Global Unicorn Index 2021, top 10 cities
San Francisco
Beijing
91
New York
Shanghai
Shenzhen
32
London
31
71
85
Venture capital fundraising
Capital raised, % of global total
80%
151
70%
60%
50%
40%
30%
20%
10%
0%
U.S.: 66%
China: 7%
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
China venture capital exits
Exit value (U.S. dollar, billions) and count
$200
275
300
Bengaluru
28
Chinese unicorns
by sector
# of
Unicorns
% of total
■Exit value ($B)
+ Exit count
valuation
219
$152
250
E-commerce
42
9%
$150
170
Hangzhou 22
Health Tech
30
5%
$115 200
Artificial Intelligence
30
5%
$100
121
120-
179 150
$65
Paris 18
SaaS
18
4%
58
$55
100
Semiconductor
18
3%
$50
48
49
110
42
$35
31
22
Berlin
17
15
14
$17 $18
50
$2
90
$0
0
50
100
150
200
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Source: (Left) Hurun Research Institute; (Right) KPMG, Pitchbook, J.P. Morgan Asset Management | *Unicorns defined as companies worth at least a billion dollars and not yet listed on a public
exchange. Unicorn valuations are snapshot of November 30, 2021. Venture capital fundraising and exits based on KPMG's 4Q21 Venture Pulse Report - Asia. Data are as of Jan 31, 2022.
*
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