SINGAPORE, Sept 5, 2025 - (ACN Newswire) - The Asia Unicorn Forum (AUF), a future-shaping organisation dedicated to advancing technological innovation and sustainable growth among Asia's unicorn companies, published its 2024 Asia Unicorn Development Report in May 2025.
05.09.2025 - 10:54:41Asia Unicorn Forum Releases 2024 Report: China, India, Israel Top Asian Unicorn Rankings
The report identifies China, India, and Israel as Asia's top three nations by unicorn count, with China holding a commanding lead.
"While unicorns have long been a focus in investment circles, we now recognise them as a distinct economic phenomenon," said Mr Liu Yanlong, Executive Chairman of AUF, emphasising the report's groundbreaking approach and methodology.
"For the first time, we define unicorns as part of a standalone unicorn economy. Unlike other reports, we analysed 59 metrics across six categories : entrepreneurship, business model innovation, technological edge, capital strength, and more to uncover the unique drivers of Asian unicorns.
We've identified a replicable strategic pattern: the Creating Neo-Market Strategy (CNM). Unicorns aren't just great companies; they pioneer entirely new market categories and become transformative forces."
Key Findings
1. Landscape for Unicorns
- Asia is home to 646 unicorns (startups valued at more than US$1.0 billion) with a combined valuation of US$2.4 trillion (average US$37.0 billion per company), spanning 16 countries and 11 industries.
- China dominates with 454 unicorns (70% of Asia's total), followed by India (12%) and Israel. Only five countries - China, India, Israel, Singapore, and South Korea - have over 10 unicorns each (see Chart 1).
2. 2024 Asia Top 100 Unicorns
- China claims 75 spots, India 11, and Israel 6, collectively representing 92% of the list.
3. Valuation Insights
- Total Valuation: China's unicorns account for US$1.74 trillion (73% of Asia's total), while India's total is US$281.8 billion (12%).
- Average Valuation: China, Singapore, the UAE, and Vietnam exceed Asia's average of US$37 billion (see Chart 2).
4. Industry Breakdown:
- China's unicorns lead in software, transportation, key and core technology, consumer, fintech, and media/entertainment, each surpassing US$100 billion in total valuation. India's software sector is its sole industry crossing this threshold.
- Israel (software) and Singapore (consumer) show notable valuations (see Chart 3).
5. Emerging Unicorns:
- 73 new unicorns emerged in 2024, including 10 companies that achieved unicorn status within one year far outpacing the traditional 10-year trajectory. Eight of these are Chinese companies.
6. Business Models:
- Platform-based (43%) and technology-driven (42%) models dominate Asia's unicorn ecosystem.
Future Trends
- Tech Convergence: IT and biotech will increasingly merge, with growth extending into new energy and advanced materials.
- Regionalisation: Amid global fragmentation, Asian unicorns will face intensified regional competition and collaboration.
- AI and Energy: Unicorns in these sectors are poised to surge, reshaping Asia's energy landscape.
Report Availability
The 300-page 2024 Asia Unicorn Development Report offers in-depth analysis of success patterns and regional drivers. For details, visit AUF's official WeChat channel (Asia Unicorn AUF) or email auf@auforum.org.
Charts Referenced
1. Chart 1: Geographic Distribution of Unicorns in Asia (by Country Count)
2. Chart 2: Total and Average Valuation of Asian Unicorns by Country
3. Chart 3: Bubble Chart of Total Valuation Distribution by Country and Industry
For media and any queries, please contact:
AUF Secretariat
Email: auf@auforum.org
Source: Asia Unicorn Forum (AUF)
Copyright 2025 ACN Newswire . All rights reserved.
"While unicorns have long been a focus in investment circles, we now recognise them as a distinct economic phenomenon," said Mr Liu Yanlong, Executive Chairman of AUF, emphasising the report's groundbreaking approach and methodology.
"For the first time, we define unicorns as part of a standalone unicorn economy. Unlike other reports, we analysed 59 metrics across six categories : entrepreneurship, business model innovation, technological edge, capital strength, and more to uncover the unique drivers of Asian unicorns.
We've identified a replicable strategic pattern: the Creating Neo-Market Strategy (CNM). Unicorns aren't just great companies; they pioneer entirely new market categories and become transformative forces."
Key Findings
1. Landscape for Unicorns
- Asia is home to 646 unicorns (startups valued at more than US$1.0 billion) with a combined valuation of US$2.4 trillion (average US$37.0 billion per company), spanning 16 countries and 11 industries.
- China dominates with 454 unicorns (70% of Asia's total), followed by India (12%) and Israel. Only five countries - China, India, Israel, Singapore, and South Korea - have over 10 unicorns each (see Chart 1).
2. 2024 Asia Top 100 Unicorns
- China claims 75 spots, India 11, and Israel 6, collectively representing 92% of the list.
3. Valuation Insights
- Total Valuation: China's unicorns account for US$1.74 trillion (73% of Asia's total), while India's total is US$281.8 billion (12%).
- Average Valuation: China, Singapore, the UAE, and Vietnam exceed Asia's average of US$37 billion (see Chart 2).
4. Industry Breakdown:
- China's unicorns lead in software, transportation, key and core technology, consumer, fintech, and media/entertainment, each surpassing US$100 billion in total valuation. India's software sector is its sole industry crossing this threshold.
- Israel (software) and Singapore (consumer) show notable valuations (see Chart 3).
5. Emerging Unicorns:
- 73 new unicorns emerged in 2024, including 10 companies that achieved unicorn status within one year far outpacing the traditional 10-year trajectory. Eight of these are Chinese companies.
6. Business Models:
- Platform-based (43%) and technology-driven (42%) models dominate Asia's unicorn ecosystem.
Future Trends
- Tech Convergence: IT and biotech will increasingly merge, with growth extending into new energy and advanced materials.
- Regionalisation: Amid global fragmentation, Asian unicorns will face intensified regional competition and collaboration.
- AI and Energy: Unicorns in these sectors are poised to surge, reshaping Asia's energy landscape.
Report Availability
The 300-page 2024 Asia Unicorn Development Report offers in-depth analysis of success patterns and regional drivers. For details, visit AUF's official WeChat channel (Asia Unicorn AUF) or email auf@auforum.org.
Charts Referenced
1. Chart 1: Geographic Distribution of Unicorns in Asia (by Country Count)
2. Chart 2: Total and Average Valuation of Asian Unicorns by Country
3. Chart 3: Bubble Chart of Total Valuation Distribution by Country and Industry
For media and any queries, please contact:
AUF Secretariat
Email: auf@auforum.org
Source: Asia Unicorn Forum (AUF)
Copyright 2025 ACN Newswire . All rights reserved.
