Chongqing - At the recent China (Chongqing) Unicorn Enterprise Conference, five companies from Liangjiang New Area, the first national-level opening-up and development area in inland China, were designated as unicorns, the most in the city.

These companies are Mashang Consumer Finance Co., Ltd. (MSCF), Avatr Technology, Xiangdixian Computing Technology, Deepal Technology, and Chongqing Jiangxiaobai Liquor Co. Ltd.

Liangjiang New Area now houses 930 high-tech enterprises. (Photo/Zhang Kunkun)

"Unicorn enterprises in our area are mainly concentrated in intelligent connect vehicles (ICVs), new-generation electronic information manufacturing, and new-generation internet and software industries, which are our three leading sectors," said Yang Hong, Director of the Liangjiang New Area Industrial Promotion Bureau.

For instance, Avatr Technology, a Changan Automobile, Huawei, and CATL joint venture, has launched advanced electric vehicles like the Avatr 11 and Avatr 12. The 2024 models of Avatr 12, unveiled in the first half, feature the HarmonyOS cockpit and ADS 2.0 intelligent driving system, positioning itself as a leader in China's new energy vehicle market.

Avatr achieved sales of 24,348 units in the first five months of this year and is expanding globally, targeting over 30 countries in Southeast Asia and the Middle East, with plans to open more than 90 authorized stores and enter the European market.

Avatr 12 equipped with smart solutions pioneers Chinese new energy vehicle market. (Photo/Avatr Technology)

Xiangdixian Computing Technology, another unicorn in Chongqing, specializes in high-performance GPU chips for national computing infrastructure and emerging technologies like the metaverse and AIGC. 

Since arriving in Liangjiang New Area, the company has quickly assembled an experienced team. Their TJ01 chip, completed ahead of schedule, is now in mass production and widely used in finance, education, industrial internet, and digital twins.

MSCF has been a significant player in fintech, releasing China's first "financial large model" monograph and investing nearly 4 billion yuan in R&D over eight years. They've applied for over 1,800 patents and are leading the digital transformation of financial institutions in Chongqing, boosting their market competitiveness.

Unicorn enterprises are key economic growth indicators. In 2023, China had 375 unicorns, adding 72 new ones, including 249 in frontier technology. 

Liangjiang New Area provides a robust ecosystem for unicorns, offering policy guidance, financial support, and collaboration platforms. It houses 930 high-tech enterprises and has developed 43 national "little giant" firms and 545 municipal-level SMEs. The area boasts over one million square meters of incubation space and 500 R&D platforms, with a focus on company-led initiatives.

The area aims to cultivate more high-growth companies, focusing on ICV and key fields. It attracts top domestic and international talent, supports research and innovation, and offers tailored financial support through a comprehensive financing service system.