Morning Star | Over 20 Qiming Venture Partners Portfolio Companies Named to 2025 China Future Unicorn Top 100 and Other Lists
The selection process isn't just a deep dive into innovative companies — it also gives investors a chance to spot potential winners.
At the 2025 9th Wanwu Growth Conference, the 2025 China Future Unicorn Top 100, Zhejiang Unicorn Enterprise Series Rankings, Hangzhou Unicorn and Pre-Unicorn Enterprise Rankings, and Hangzhou AI Hidden Dragon Map were officially released. This year's selections represent not only a deep dive into innovative enterprises, but also an opportunity for investors to identify high-potential companies.
Qiming Venture Partners portfolio companies Houmo AI, Future Intelligent, Infinigence AI, Galaxy Universal, Jialiang Medical, Cornerstone Robotics, Shize Biotech, Inscint, Axera, Tongdun Technology, WeDoctor, Yunqi Technology, Booming Tech, Langmu Medical, Boner Orthopedics, GlbBio, AusperBio, Haizhi Medical, ZD Medtech, NovaW Technology, Spēs, and Wo Xiaoya were named to the lists.
Houmo AI, Future Intelligent, Infinigence AI
(Artificial Intelligence)
Galaxy Universal
(Embodied Artificial Intelligence)
Jialiang Medical, Cornerstone Robotics, Shize Biotech, Inscint
(Healthcare)
Named to
China Future Unicorn Top 100
Axera, Tongdun Technology, WeDoctor, and others
Honored as
Zhejiang Unicorn Enterprises
Jialiang Medical
(Life Sciences)
Yunqi Technology
(Next-Generation Information Technology)
Named to
Zhejiang Future Unicorn Top 100
Langmu Medical
(Life Sciences)
Named to
Zhejiang Seed Unicorn Top 100
Tongdun Technology, WeDoctor, and others
Named
Hangzhou Unicorn Enterprises
Boner Orthopedics, GlbBio, AusperBio
Haizhi Medical, Jialiang Medical, ZD Medtech
(Life Sciences)
NovaW Technology, Yunqi Technology
(Next-Generation Information Technology)
Spēs, Wo Xiaoya
(New Consumer)
Named
Hangzhou Pre-Unicorn Enterprises
Yunqi Technology, Booming Tech
Tongdun Technology, Jialiang Medical
Named to
Hangzhou AI Hidden Dragon Map
Selection Criteria
- China Future Unicorn Top 100
This list focuses on fast-growing, high-potential enterprises in artificial intelligence, embodied AI, and new consumer sectors. Eligible companies must be unlisted, founded within the last ten years with a valuation between $500 million and $1 billion, or founded within the last five years with a valuation above $100 million.
- Zhejiang Unicorn Enterprise Series Rankings
Open to enterprises founded and operating in Zhejiang Province. Unicorn enterprises must be founded within the last ten years with a valuation of at least $1 billion; future unicorns within eight years with a valuation between $100 million and $1 billion; and seed unicorns within five years with a valuation between $10 million and $100 million. All must be unlisted.
- Hangzhou Unicorn and Pre-Unicorn Enterprise Rankings
Open to Zhejiang and Hangzhou-registered enterprises operating in Hangzhou (including all 13 districts, counties, and county-level cities). Founded within the last ten years, unicorn enterprises must have a valuation of at least $1 billion, while pre-unicorns must have a valuation between $100 million and $1 billion. All are fast-growing, high-potential unlisted companies.
- Hangzhou AI Hidden Dragon Map
The Hangzhou AI Hidden Dragon Map focuses on AI infrastructure, key technologies, and industry applications. Listed enterprises possess independent intellectual property rights and have achieved commercialization. They represent the new generation of AI companies and the future of the artificial intelligence industry.
Source | Hangzhou Venture Capital Association
Past Coverage
Qiming Stars | Over 10 Qiming Venture Partners Portfolio Companies Named to 2024 China Future Unicorn and Other Rankings Qiming Honors | Qiming Venture Partners Ranked Top 3 in LP Advisor's 2024 Annual Venture Capital Firm Rankings Qiming Honors | Qiming Venture Partners Lands Nearly 30 Portfolio Companies on Hurun 2024 Global Unicorn Investment Firm Top 100
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in early and growth-stage outstanding enterprises in Technology and Consumer (T&C) and Healthcare.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies. More than 210 of these have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A. Over 80 have become recognized unicorns or super-unicorns.
Many Qiming Venture Partners portfolio companies have grown into the most influential players in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ:WRD), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), Sinocelltech (688520.SH), Yuanxin Technology, ClinChoice, Belief BioMed, Biren Technology, and others.