Greater bay technology’s transformation into a mythical beast has been speedy. The startup, which specialises in super-fast lithium-battery charging, was launched in late 2020. Only 19 months later it had reached a valuation of $1bn, making it a unicorn (ie, an unlisted firm valued at or above that amount). Such creatures are becoming far more common in China. Greater Bay joined a field of more than 300 of them in 2022, double the number five years ago. These new unicorns offer an intriguing snapshot of the country’s shifting industrial priorities.
The list, for that reason, is ever-mutating. Companies fall off because they go public or
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