Shanghai hosts the world's second-largest number of innovation-driven, fast-growing, young enterprises, according to a report published on Jan 20.

The 2025 Hurun Future Unicorns: Global Gazelle Companies List shows that the city is home to 73 gazelle companies, unlisted firms most likely to reach a valuation of $1 billion within three years. San Francisco topped the list with 92.

The list features 819 high-growth companies worldwide, considered most likely to become unicorns by 2028. These companies have an average age of nine years and an average valuation of 700 million.

The United States leads the rankings with 302 companies, followed closely by China with 278, together accounting for 71 percent of the global total.

Other Chinese cities appearing in the global top 10 by number of gazelle companies are Shenzhen, Hangzhou, Suzhou, and Guangzhou.

Among Chinese gazelle companies, about one-third operate in the biotech and semiconductor sectors.

In 2025, a total of 71 global gazelle companies achieved unicorn status.

Source: Shanghai Observer