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【英文】瑞信报告:中国独角兽专题报告(208页)

英文研究报告 2020-05-27 3 管理员

 To date, China remains the second largest source of  unicorns (commonly defined as start-up companies with  valuation of >US$1 bn). The general trends and prospects  of Chinese unicorns in different sectors are: Trends in the past year: China’s internet unicorns have  seen robust growth with their share rising to 53.2%,  along with AI/Big data/Robotics/Software and Auto.  China unicorns have continued to ride the trend of the  gigantic consumer market with innovative business  models. Despite near-term challenges arising from the  COVID-19 outbreak, they have managed to further gain  market share from offline. The large gap in advanced  technologies may need some time to close, but China  has made good progress in areas requiring cutting-edge  technology. Given consistently heavy R&D spending in  the past few years, we expect to see more unicorns in  sectors with sophisticated requirement of advanced  technology, most notably, in biotech and AI/Big Data,  thanks to large available data and a big market to  explore.

Exchanges embracing the new economy: Stock  exchanges in China and Hong Kong have adapted to  innovation and, in the last two years, are trying to attract  new economy companies to get listed. STAR Board was  launched in China in June 2019 as a testing field with a  completely new design, introducing IPO registration  system, new company thresholds, new financial tests, and welcoming weighted voting rights and red chips.  Ninety four companies (mainly IT, Healthcare, Industrials  and Materials) were received by the board and it raised a  total of Rmb112 bn in the next nine months, at a higherthan-market average IPO valuation. Hong Kong Stock  Exchange has also reformed its listing regime and  embraced pre-revenue biotech companies and weighted  voting right (WVR) internet companies, helping 17  companies successfully raise a total of HK$117.3 bn. Key trends of major sectors: Our sector analysts give  an update on key trends of five major sectors: Internet,  Technology Hardware, Auto, Healthcare, and FinTech. Selected unicorns: A two-page company profile for 66 companies which have reached the status of a ‘Unicorn’  is provided for investors' reference.

【英文】瑞信报告:中国独角兽专题报告(208页)

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