Shanghai revealed its 2024 list of key unicorn enterprises on Tuesday, featuring 156 selected companies with a combined valuation exceeding 1.2 trillion yuan ($165.62 billion).

These newly unveiled enterprises primarily focus on innovative pharmaceuticals, integrated circuits, medical devices, robotics, artificial intelligence, new materials and new energy vehicles, highlighting a growing emphasis on technological innovation.

Unicorn enterprises are known for their disruptive and cutting-edge technologies, serving as a driving force for the high-quality development and the development of new high-quality productive forces, elements and reforms that can propel strategic emerging industries and boost productivity.

Over the past two years, Shanghai has outpaced the nation in new unicorn enterprise additions, particularly excelling in the integrated circuit and biopharmaceutical industries.

Presently, the city is actively positioning itself as a leading center for emerging industry development, with ambitious plans to lead future industrial advancements.

Luo Bin contributed to this story.