Good News! HydroTransformer Listed on the GEI China Potential Unicorn Enterprises List for Two Consecutive Years

Recently, Great-wall Enterprise Institute (GEI) released the GEI China Potential Unicorn Enterprises Report 2025 at the 2025 Enterprise Technology Innovation Development Forum.

According to the report, as of the end of 2024, a total of 9 companies from Xi'an were included among China's potential unicorn enterprises.

It is understood that a unicorn company is an investment term referring to an unlisted startup that has been established for no more than 10 years, has a valuation exceeding USD 1 billion, and possesses a business model that is difficult to replicate. A small number of such companies are valued at over USD 10 billion. Unicorn companies represent new economic forms and drive the development of new-quality productive forces through disruptive innovation, playing an important role in advancing technological progress, creating employment, and driving social transformation. The 2025 Government Work Report of the State Council explicitly proposed support for the development of unicorn enterprises.

As the "reserve force" of unicorn companies, potential unicorn enterprises are characterized by high technological content, innovative industrial models, and strong growth potential. They play a key role in leading technological innovation, exploring new fields and emerging tracks, and shaping new drivers and advantages for development. They are an important representation of new-quality productive forces and a key indicator for measuring regional innovation vitality.

The Great-wall Enterprise Institute (GEI), which released this list, is one of the earliest think tanks in China to study and publish unicorn rankings. Since 2016, it has consecutively released China's unicorn enterprise lists and research reports for nine years. In 2020, it further launched the research series on potential unicorn enterprises, with this report being the sixth edition in the series.