Shanghai has launched a comprehensive initiative to build a thriving ecosystem for high-growth enterprises, aiming to foster more than 1,000 such companies by 2027, authorities announced on July 9.

This marks the first time the city has introduced tailored support policies aligned with distinct stages of enterprise growth, reflecting a strategic push to accelerate its innovation-driven economy.

The three-year action plan, titled "Shanghai Action Plan for Promoting the Accelerated Development of High-Growth Enterprises (2025-27)", outlines a tiered approach to nurturing gazelle companies and unicorn companies.

Unicorn companies are typically defined as startups that are less than 10 years old and valued at over $1 billion, while gazelle companies are high-growth businesses that have moved beyond the startup phase and are rapidly expanding, driven by innovation in products, technology, management, and business models.

According to the plan, Shanghai aims to cultivate 400 potential gazelle enterprises, 300 gazelle enterprises, 200 potential unicorn enterprises, and 100 unicorn enterprises, establishing a "pyramid-shaped" development system by 2027.

A key objective is to support the emergence of at least two additional unicorn companies valued at over $10 billion.

The Shanghai Municipal Commission of Economy and Informatization will work closely with relevant departments to annually publish lists of gazelle and unicorn companies, offering rewards of up to 1 million yuan ($139,376) for newly selected gazelles and 2 million yuan for unicorns.

The plan features seven major initiatives and 21 measures tailored to the specific needs of each enterprise category.

It includes entrepreneurship mentoring, expanded financial backing via venture capital, and support for adopting innovative products for potential gazelles. Gazelle companies, already in high-growth phases, will benefit from equity financing, workspace guarantees, and prioritization of key industrial projects.

Potential unicorn companies will be assisted in developing R&D platforms, technology upgrades, and industry collaboration. For unicorns in later stages, the plan offers help with public listings and global market expansion.

The commission will focus on identifying target companies and incorporating them in the city's "service package" for key enterprises. This includes facilitating resource connections and organizing platforms such as networking salons for founders, alongside financing roadshows.

To ensure effective implementation, Shanghai will strengthen support for innovation, talent development, and intellectual property protection.

Sources: Jiefang Daily, Shanghai Municipal Commission of Economy and Informatization