How to make it big in Xi Jinping’s China

Greater bay technology’s(ipo transformation into a mythical beast has been speedy. The startup, which specialises in super-fast charging, was launched in late 2020. Only 19 months later it had reached a valuation of $1bn, making it a unicorn (ie, an unlisted firm valued at or above that amount).Such creatures are becoming far more . Greater Bay joined a field of more than 300 of them in 2022, double the number five years ago. These new unicorns offer an intriguing snapshot of the country’s shifting industrial priorities.The list, for that reason, is ever-mutating. Firms fall off because they go public or tumble in value. Some of the most promising ones get stuck as they encounter regulatory problems. The initial public offering ) of Ant Group, a fintech powerhouse, for instance, was ditched at the last moment under pressure from regulators in 2020. Its valuation has reportedly tumbled from more than $300bn before the failed flotation to around $64bn. Others have gone from strength to strength. Beijing-based , which owns TikTok, a short-video app, was most recently valued at $220bn, making it the world’s most valuable unlisted firm.