Greatwall Strategy Consultants recently released its research reports on Chinese unicorns and potential unicorns for 2023 in Suzhou, East China's Jiangsu province.

Two companies based in Xi'an, the capital of Northwest China's Shaanxi province, made the cut, while another four companies in the city made it onto the potential unicorn list.

In the reports, unicorn enterprises are defined as non-listed companies that have been established for less than 10 years and have a valuation of over $1 billion.

An aerial view of Qujiang Esports Industrial Park in Xi'an. [Photo/Xi'an news network]

 One of the unicorn companies is Xi'an Eswin Material Technology Co, which was established in 2016. It is a provider of products and services in the field of integrated circuits, with core businesses covering chips and related solutions, silicon materials, and ecosystem investment incubation.

Another Xi'an unicorn – VSPN Sports Management Co – is a leading global company in the esports industry, with business operations in Asia, Europe, and the Americas. It holds a strong position in the Chinese, South Korean, and Southeast Asian markets.

The Xi'an-based potential unicorn companies Proton Cars Technology Co and Shaanxi Startorus Fusion Technology Co are involved in the new energy industry and show promising growth in the field of new energy vehicles and clean energy.

Xi'an Electronics Valley. [Photo/Xi'an news network]

In recent years, Xi'an has shown noticeable advantages in the field of integrated circuits, attracting a raft of well-known companies and driving the rapid growth of many local enterprises.

Another two Xi'an-based potential unicorns – Huayi Microelectronics Co and Bonray (Xi'an) Electronic Technology Co – have operations related to the field of integrated circuits.