A recent report from the Great Wall Enterprise Institute, an influential think tank, highlights the growing prominence of unicorn and potential unicorn companies in China. According to the report, as of 2023, the country was home to 375 unicorns and 783 potential unicorns. Hefei was ranked fifth among Chinese cities, with 22 new potential unicorns and three new unicorns, bringing its totals to 33 potential unicorn companies and eight unicorns, placing it sixth and 10th among Chinese cities, respectively.

Unicorn and potential unicorn companies are defined by their high technological strength, innovative business models, and significant growth potential. A unicorn company refers to a privately funded, unlisted firm established within the last 10 years, with a post-money valuation exceeding US$1 billion in its most recent funding round. And a potential unicorn is typically a privately funded, unlisted firm established within five years and valued at US$100 million, or a firm established between five and nine years with a post-money valuation of US$500 million in its latest funding round.

These firms are instrumental in driving technological innovation and exploring new markets, thereby creating new development momentum and competitive advantages. Hefei's unicorn firms include Xunfei Healthcare, Origin Quantum, CIQTEK, and SeeYA Technology, primarily in sectors such as integrated circuits, clean energy, quantum technology, intelligent hardware, and digital health care.

The Hefei National High-tech Industry Development Zone stands out as the most concentrated area for high-tech enterprises in Anhui province. In 2023, the zone was home to five unicorn companies, representing 62.5% of Hefei's total and 31.3% of the province's total. Additionally, it housed 18 potential unicorn companies, accounting for 54.5% of Hefei's total and 40.9% of Anhui's total. Notably, one new unicorn and nine new potential unicorns emerged from this zone in 2023.

All five unicorn companies in the zone operate within cutting-edge sectors, including clean energy, quantum technology, digital health care, and integrated circuits. The 18 potential unicorn companies span eight industries: integrated circuits, innovative medical devices, new materials, high-end intelligent equipment and devices, industrial internet, financial technology, quantum technology, and clean energy. The integrated circuits sector leads with the highest number of companies, totaling nine firms.

Since 2018, the zone has pioneered a high-growth enterprise cultivation program, which was elevated to a program for enterprises with new quality productive forces in 2024. This program has established a developmental framework, facilitating the rapid growth of innovative firms. By 2023, the number of high-growth enterprises in the zone reached 1,391.