Thousand Oak Biologics (Nantong) Co. [Photo/Nantong Daily]

The "2024 Global Unicorn List" recently released by Hurun Group shows that by 2023, China had a total of 340 unicorn companies, including two in Nantong, Jiangsu province.

Unicorn enterprises are known for their disruptive and cutting-edge technologies, serving as a driving force for high-quality development and the cultivation of new high-quality productive forces that can propel strategic emerging industries and boost productivity.

The two listed unicorn enterprises in Nantong are Thousand Oak Biologics (Nantong) Co and ETA Semiconductor Ltd.

Products manufactured by ETA Semiconductor Ltd. [Photo/Nantong Daily]

The former is a contract development and manufacturing organization (CDMO) specializing in macromolecule drugs while the latter is engaged in the R&D and sales of power management chips and employs nearly 100 researchers and designers at its R&D centers in Shanghai, the United States, and Vietnam.

In recent years, Nantong has emerged as one of the most dynamic Chinese cities in cultivating unicorn enterprises. This year, the city has assisted 33 local companies in applying to become provincial-level unicorns and potential unicorns.