Chengdu welcomes unicorn, invests in more to follow

Authors: China Daily

2018-04-24

Chengdu Xinchao Media Group became Sichuan Province's first unicorn company after making it onto the 2017 list compiled by the Torch High Technology Industry Development Center of the Ministry of Science and Technology and Greatwall Strategy Consultants last month.
Business magazine The Founder recently released its 2018 list of the top 100 Chinese unicorns. On it, Chengdu Xgimi Technology Co Ltd, intelligent projector manufacturer, was said to be one of the companies with the best potential of being listed in the A-share market.
The company is riding high with three of its products being lauded at this year's Red Dot Design Awards in Germany, as well as receiving an innovation award at the International Consumer Electronics Show in Las Vegas in January. And Xgimi's products are sold overseas to southeast Asia, the United States, Japan and South Korea.
"We have received lots of support from the government, including rental exemption and preferential policies," said Zhong Bo, CEO and chairman of the company.
Xgimi, founded in 2013, didn't have to pay rent for its first year in business and received a 50 percent discount in its second year. From 2014 to 2016, the company also benefitted from subsidies for its major innovative technological projects, industrial policy projects and for being an innovative e-commerce business.
"Assets, office, land, human resources and brand promotion are key elements for a company to grow. It is the help from the government that has made us a potential unicorn," Zhong said.
He added that Xgimi is working on building a precise optical device production center and global research center in Chengdu, and aims to attract more professionals to promote the development of the new economy.
In December, Chengdu released an ambitious plan to become one of the most suitable cities in China for new economy, with a plentiful supply of technologies, human resources and capital from the government.
By 2022, the number of local new economy companies is expected to reach 100,000, with more than seven unicorns and 60 companies with potential to become unicorns, the government said.
(source: www.chinadaily.com.cn, April 23, 2018)
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