More than 80% of Chinese unicorn companies practice a new economic model: the sharing economy

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Several big names attended the event, including the former Australian Prime Minister Kevin rudd, and former Apple executive and global CEO of TOJOY Ge June.

In his role as Secretary General of the Global Sharing Economy Alliance, Ge gave a presentation titled “The Great Sharing Economy Gives Birth to Unicorns”. He pointed out that traditional sharing economy models that share small property rights over products such as cars, bicycles and home rentals are shifting to a model where larger business assets such as capital, productive capacity and intellectual property rights are made available for sharing.

Ge also pointed out that as the global economy faces serious challenges, the great sharing economy could become a platform to connect the economies of all countries, promoting the reconstruction of the global economic order. Ge claimed that in this process, traditional industries could be transformed and improved using the practices of the large sharing economy, and emerging industries could further accelerate their development. The resulting increase in value could thus lead companies to bulk unicorn status.

The Great Sharing Economy, a fertile ground for unicorns

Combining data from CB Insights, PitchBook and more, the “2020 Unicorn Enterprise Annual Observation Report” released at the event highlighted the effectiveness and penetration of sharing economy practices across China.

According to the report, as of July 31, 2020, there are 285 unicorn companies in China, with a total valuation of US $ 1.3 trillion. Among them, 234 companies exhibit sharing economy attributes, accounting for 89.17% of the total valuation of all Chinese unicorn companies.

Several companies on this list of sharing economy unicorns, including maternity and childcare giant B&G, national digital delivery platform Sousou Shenbian, and the largest publicly traded company on a stock exchange in China. Mainland, Kweichou Moutai, joined forces with the host of the TOJOY event to accelerate.

For this reason, the China Association for the Promotion of Industrial Development recently announced its cooperation with TOJOY, officially establishing the China Association for the Promotion of Industrial Development — Industrial Innovation Experimental Base at the event. The two organizations hope that the project will encourage the development and innovation of future unicorn businesses.

SOURCE ToJoy Shared Holding Group Co., Ltd.

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