36Kr Research Institute | the 2021 China Top 500 New Economy Enterprises Development Research Report

Under the background of China's economic slowdown, the new economy oriented by scientific and technological innovation and knowledge empowerment has become a new engine driving economic growth. According to the Data Bureau of Statistics, since 2016, the added value of China's "three new economies" has continued to rise in the proportion of GDP, reaching 17.08% in 2020. On the one hand, new technologies represented by 5G, big data, artificial intelligence, cloud computing, etc., have spawned new tracks and enhanced industrial innovation capabilities; on the other hand, traditional industries and new technologies have accelerated their integration and evolution, and new formats featuring sharing, networking and globalization such as digital entertainment, medical AI, and e-commerce have been derived, further releasing the vitality of traditional industrial development. In the process of new economic development, many new economic enterprises relying on new technologies, new models and new products to promote the improvement of production and operation efficiency have emerged, which have deeply cultivated the underlying technology, closely followed the needs of users, and continued to lead economic change. Based on this, on the basis of excluding enterprises with operational risks, 36Kr Research Institute screens out the top 500 enterprises in China's new economy in 2021 according to the dimensions of market value/valuation, total financing, financing rounds, and registered capital.

There are many players on the new track where technology and scenes are deeply integrated

From the perspective of industry distribution, China's top 500 new economy enterprises cover 29 industries, and the medical and health, digital entertainment and enterprise service tracks with deep integration of technology and application scenarios are the most popular, with the number of enterprises reaching 77, 68 and 55 respectively, accounting for 40%.

Industry distribution of China's top 500 new economy enterprises

Beijing, Shanghai, Guangzhou, and Zhejiang lead the new economy with their resource advantages

Beijing, Shanghai and Guangdong are the most attractive to new economy enterprises, and the number of new economy enterprises settled in the three places has reached 139, 87 and 84 respectively, which is closely related to local scientific research resources, talent resources, industrial clusters, and consumer markets. Beijing, Guangdong and Zhejiang have the highest total valuations of new economy enterprises, and the leading enterprises have obvious driving roles.

Geographical distribution of China's top 500 new economy enterprises

The business market/valuation distribution is pyramidal

The distribution of the city/valuation of China's top 500 new economy enterprises is "pyramid-type", with 335 enterprises with a market/valuation of less than US$5 billion, accounting for 67%, and the total city/valuation of the top 10 enterprises accounts for 41%, and the head agglomeration effect is obvious. Judging from the markets/valuations of each track, the technology integration track presents the head agglomeration trend of the strong Hengqiang, of which the leading enterprises/ valuations are significantly higher than the tail enterprises; the hard technology tracks are competing for the flow, and there has not yet been an industry giant with absolute advantages.

The size and concentration of the main tracks of the new economy

73.8% of new economy enterprises are in the mature stage

Nearly half of the listed companies in China's top 500 new economy companies account for only 6.6% of the enterprises in the A round or before, and 73.8% of the companies in the D round and later, which shows that most of the enterprises in the top 500 of China's new economy have mature and stable business models, which are recognized by both capital and the market. In the smart logistics and smart transportation track, most of the enterprises are in front of the B round, and the capital recognizes the growth of the track and gives full play to the role of the link to accompany the long-term growth of the enterprise.

Distribution of financing rounds of China's top 500 new economy enterprises

The key research issues in this report are as follows:

What kind of development environment are China's new economy enterprises facing?

In 2021, what are the characteristics of China's top 500 new economy enterprises in terms of track distribution, geographical distribution, market/valuation distribution, and financing round distribution?

What is the development of the popular tracks of the new economy? What is the structure of the industrial chain?

What is the business layout and development strategy of the leading enterprises in the forefront of the comprehensive strength of China's top 500 enterprises?

What are the business layout and development strategies of the rapidly emerging enterprises in China's top 500 new economy enterprises?

What is the development trend of China's new economy?

For more exciting content, see the "2021 China Top 500 New Economy Development Research Report", click the download link to download the PDF version of the report, extraction code: 8uwt