China City Industrial Group Co., Ltd. was shortlisted as a provincial unicorn enterprise of 2023, the Productivity Center of Jiangsu Province announced on Nov 24.

The company (previously “CRRC Urban Transportation Co., Ltd.”) is a state-owned capital holding enterprise jointly established by CRRC Group and local state-owned and strategic investors in the Yangtze River Delta. It was founded in March 2016 and has its headquarters in Suzhou, Jiangsu Province. Currently, the company’s state-owned capital makes up around 70% of its overall assets, which amount close to 50 billion yuan, with net assets of 28.3 billion yuan.

It inherits the century long accumulation of China’s rail transit equipment, adheres to the concept of “industry serving the country, industry revitalizing the country”, relies on the advantages of organization, technology, and talent, and has become authoritative experts In the industry sector such as new energy commercial vehicle and specialized vehicle, Intelligent lifting system and elevator, Intelligent Electrical and Green Energy, Smart agricultural machinery and environmental equipment, Automotive components and industrial design, Urban Design and Planning,etc.

The phrase unicorn enterprises refers to high-growth innovative companies that were established within the last 10 years, have a valuation exceeding $1 billion, have received private investment, and were not yet listed.

The three core characteristics of unicorn enterprises are innovation, high potential, and high growth. To be selected, companies must meet relevant hard conditions.

Currently, high growth technology enterprises such as listed unicorns enterprises have become leaders in the development of the new economy, creators of original core technologies, and pioneers of new business models.

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