Chengdu’s 1919 Wines & Spirits Becomes Unicorn

Authors: Go Chengdu

2018-10-23

Another unicorn company was born in Chengdu on October 18.
The 1919 Wines and Spirits Platform Technology Co., Ltd. (1919 Wines & Spirits), a Chengdu-headquartered liquor retailer with offline stores and an online sales platform, announced October 18 that it had recently gained RMB2 billion worth of investment from the Alibaba Group, which made it 1919's second biggest shareholder with a 29% stake.
A unicorn company or unicorn startup is a private company with a market valuation over US$1 billion. After completing the Series C round of financing, 1919's market value has reached RMB7 billion, making it the third unicorn in Chengdu by far this year.
Besides the three companies, there are a number of companies in the city with the potential to be unicorns.
Supporting startups to grow into unicorns is recognized as an important move for a city to develop the new economy. What has Chengdu done over the recent years to help local companies become unicorns and boost the new economy?

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