【英文】瑞信报告：中国独角兽专题报告（208页）

英文研究报告 2020年05月27日 07:18 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.