Beijing boasts 20 of the top 50 artificial intelligence companies in the 2024 Hurun China list, making up 40% of the total, according to a report released Wednesday by Hurun Research Institute.

The list of China's top 50 AI companies includes firms that excel in AI computing power or algorithms, excluding sectors such as robotics, smart vehicles, smart aircraft and smart homes.

Among the 20 Beijing-based companies recognized are notable names like Cambricon, Moonshot AI and 4Paradigm. The average founding year for the companies on the list is 2012, with the newest entrants — Moonshot AI, Baichuan AI and Yi-Lighting — established in 2023.

Hurun notes that Beijing has a solid foundation and unique advantages for developing a robust AI sector. The city hosts the most top universities in China and produces the highest number of scholars and published papers in AI. These factors contribute to Beijing's leading position in the AI sector.

On the same day, Hurun Research Institute also released the Global Gazelles Index 2024, which revealed that Shanghai, San Francisco and Beijing are the top three cities worldwide with the highest number of gazelle companies — fast-growing startups that demonstrate significant growth in revenue and employment.

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