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The Rise of the Chinese Unicorn: An Exploratory Study of Unicorn Companies in China

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  • Zhai Jinzhi
  • Jon Carrick

Abstract

This study holistically examined the startup companies in China that have quickly achieved unicorn status (that is, a $1 billion dollar plus valuation). To explore this phenomenon, the study used a two-phased case study methodology. In the first phase, the study explored the paths, positions, and processes that enabled the growth of all 68 Chinese unicorn firms. In the second phase, an in-depth cross-case analysis of two firms was performed. The two-phased study surfaced nine themes and three propositions relating to how the development of Chinese unicorns is enabled by strategic alliances, strong government relationships, and founders with unique backgrounds and capabilities. This is one of the first studies to explore the unicorn phenomenon in the context of Chinese firms, and the findings from this study have laid the foundation for the study of the Chinese unicorn phenomenon.

Suggested Citation

  • Zhai Jinzhi & Jon Carrick, 2019. "The Rise of the Chinese Unicorn: An Exploratory Study of Unicorn Companies in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(15), pages 3371-3385, December.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:15:p:3371-3385
    DOI: 10.1080/1540496X.2019.1610877
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    Cited by:

    1. José Manuel Saiz-Alvarez, 2022. "Network Data Maps on Entrepreneurial Intention, Unicorns, and Human Flourishing on the SCOPUS Database: A Visual Analysis Using VOSviewer," World, MDPI, vol. 3(4), pages 1-19, October.
    2. Evgeniy Kutsenko & Kirill Tyurchev & Tatyana Ostashchenko, 2022. "Relocation as a Driver of Innovative Activity: A Global Study of Unicorn Founders’ Migration," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 16(4), pages 6-23.

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