The Shanghai-based Hurun Research Institute released its prestigious 2025 Hurun Global Unicorn List, with two companies from Jinan, capital of East China's Shandong province, making the cut.

According to the Global Unicorn Index 2025 released by the institute, unicorns are defined as start-ups founded in the 2000s, worth at least a billion dollars and not yet listed on a public exchange.

The two Jinan companies are Lingong Heavy Machinery Co and Xinlian Technology, belonging to the industrial equipment and software services sectors, respectively.

In fact, both companies made it onto the global unicorn list in 2023 and 2024, indicating their firm footing in the intense global competitions being conducted among industry giants.

Established in February 2012, Lingong Heavy Machinery Co is one of the leading manufacturers of mining machinery in China. The company focuses on various business sectors such as mining equipment, aerial work machinery, special machinery and key components, among others. On the 2025 Global Unicorn List, it ranked 898th with a value of 10.5 billion yuan ($1.5 billion).

Xinlian Technology, founded in 2019, specializes in the field of transportation logistics and smart travel. On the 2025 Global Unicorn List, it ranked 1,183rd with a value of 7.3 billion yuan.

Unicorn companies represent startups with high market valuations, strong innovation capabilities, significant growth potential and are highly favored by investors.

Besides the two companies on the list, Jinan currently boasts several provincial-level unicorns — including Bloomage Biotech, Inspur Cloud Information Technology Co, Zhongshang Huimin E-Commerce Co and Shandong Hongjitang Pharmaceutical Group.