China’s unicorns driving Asia’s growth story

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At the Smart Nation Expo 2024 in Kuala Lumpur from November 21, Ge Jun, Co-Chair of the Board of TOJOY Holding and CEO of TOJOY Enterprise Services, delivered a bold message about the role of China’s unicorns in shaping the future of productivity and innovation across Asia.

His speech, part of a wider presence by the company at the expo, shed light on the transformative potential of these high-growth firms and the need for stronger cross-border collaboration in the region.
  
China’s unicorns – companies valued at over US$1 billion – are not just the poster children of economic success but are increasingly seen as drivers of technological transformation.

Speaking to a diverse audience of policymakers, business leaders and innovators, Ge explained the Chinese government-backed concept of “new quality productive forces”, a term describing advanced productivity models that go beyond traditional growth models.

“Unicorns are no longer just about innovation in business models,” Ge said. “They are delivering technological breakthroughs capable of transforming entire industries.”

A recently published White Paper on the Growth Path of China's Unicorn Enterprises, co-authored by TOJOY and the GuoYan Institute of Economic Research, backs this view.