Chengdu is the newest cradle for unicorn enterprises

The Chengdu High-Tech Industrial Development Zone is to set up an investment fund of 10 billion yuan ($1.57 billion) and a gradient cultivation system as part of its efforts to build a cradle for unicorn enterprises, according to a news conference held by the zone on May 18.

According to a plan released at the conference, the high-tech zone in Chengdu, southwest China's Sichuan Province, will adopt a precision policy for enterprises in different development phases, providing them with overall services and support in policy, finance and talent cultivation.

As one of China's first national high-tech zones and the first national innovation demonstration zone in western China, the Chengdu high-tech zone presents robust growth.

It now embraces a large number of unicorn enterprises and potentials, such as the TD-Tech, biotech company Revotek and intelligent micro-projector developer XGimi Technology Co., Ltd.

A director of the Chengdu high-tech zone disclosed that they plan to cultivate at least three unicorn enterprises this year, as well as 1,000 seed enterprises, 100 gazelle enterprises, 10 unicorn enterprises and 3 leading enterprises within the next three years.

The number of unicorn enterprises in China reached 164 by the end of 2017, with a total estimated value of $628.4 billion. Among the enterprises, 125 are in national high-tech zones, accounting for 76.2 percent of the total.