HURUN RESEARCH INSTITUTE RELEASES, IN ASSOCIATION WITH BAODING INTERNATIONAL MEDICAL BASE IN HEBEI PROVINCE, THE HURUN CHINA HEALTHCARE PIONEERING YOUNG START-UPS 2024 AND HURUN CHINA HEALTHCARE PIONEERING YOUNG ENTREPRENEURS 2024

26 OF THESE PIONEERING YOUNG HEALTHCARE START-UPS FROM THE LAST TEN YEARS HAVE ALREADY HIT UNICORN STATUS

60% WORKING ON CURING CANCER, 25% CHRONIC DISEASES AND 15% AGEING

20% USE AI TO ADVANCE DRUG RESEARCH AND DEVELOPMENT, MEDICAL IMAGING, MEDICAL ROBOTS AND HEALTH MANAGEMENT

95% SELL TO BUSINESSES, WHILE ONLY 5% ARE CONSUMER-FACING

HIGHLY EDUCATED. 70% OF THE HURUN CHINA HEALTHCARE PIONEERING YOUNG ENTREPRENEURS HAVE MASTER'S DEGREE OR PHDS. TSINGHUA UNIVERSITY HAS THE LARGEST NUMBER WITH 7, FOLLOWED BY HARVARD, THE UNIVERSITY OF CHINESE ACADEMY OF SCIENCES AND PEKING UNIVERSITY

(5 December 2024, Baoding) The Hurun Research Institute today released, in association with the Baoding International Medical Base, an industrial park in China’s Hebei province, the Hurun China Healthcare Pioneering Young Start-ups 2024, a list of the Top 100 most valuable China healthcare startups in the last ten years, and the Hurun China Healthcare Pioneering Young Entrepreneurs 2024, a list of the Top 100 most influential entrepreneurs aged 45 or under. This is the first year of the lists.

This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media enquiries please contact our public relations team whose contact details can be found at the end of this report.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said:

“The Hurun Pioneering Startups and Entrepreneurs series aims to highlight the most valuable young startups from the last 10 years and the most influential young entrepreneurs aged 45 or under, and promote them to investors, strategic partners and local governments. The idea is to help these start-ups think bigger, grow bigger and faster.”

“I am delighted to partner with the Baoding International Medical Base in Hebei Province, on the Hurun China Healthcare Pioneering Young Startups and Entrepreneurs 2024. The city of Baoding has set up this industrial park to develop life sciences and healthcare services.”

“Healthcare has to be one of the most exciting industries in the world, and is hurtling mankind towards the Fourth Industrial Revolution, especially in this age of AI. On the Hurun Global 500 Most Valuable Companies list, Healthcare is the third industry after Financial Services and Energy, led by weight loss drug makers Eli Lily and Novo Nordisk. On the Hurun China 500 Most Valuable Companies list, Healthcare is Number One, led by medical device maker MindRay, pharma maker Hengrui and CRO Wuxi AppTech. More interesting, perhaps, is the pipeline of the industry, which can be looked at through the Hurun Global Unicorns Index, where Healthcare startups are third after Fintech and SaaS. But it is the Hurun Global Future Unicorns Index that really shows where the next wave of unicorns is coming from. Number One, by a long way, is Healthcare, and China has a remarkably strong position here, with 170 of the 334 known future unicorns.”  

“26 of the Hurun China Healthcare Pioneering Young Startups have already hit unicorn status, 42 are expected to ‘go unicorn’ within three years, ie Gazelles, and 58 are expected to ‘go unicorn’ within five years, ie Cheetahs.”

“The healthcare industry is often difficult for outsiders to get their head around, so I hope the Hurun Healthcare Pioneering Young Startups and Entrepreneurs can help investors and strategic partners have a better insight into what is bubbling away under the surface of this exciting industry. 95% of these young startups are not yet listed, so it is mainly through venture capitalists that people can make investments.”

“60% of the Hurun Healthcare Pioneering Young Startups and Entrepreneurs are engaged in advancing cures for cancer, focusing on detection and treatment. 25% are engaged in finding solutions to chronic diseases, especially cardiovascular and cerebrovascular diseases, diabetes and metabolic diseases. 15% are engaged in advancing cures for diseases related to ageing.”

“Another way of looking at the Hurun Healthcare Pioneering Young Startups and Entrepreneurs is to see what they are producing. 40% are providing medical services, especially diagnostics and digital services, 40% pharmaceuticals, especially cancer-related drugs, and 20% medical devices, especially therapeutic and diagnostic devices.”

"The young entrepreneurs from China’s healthcare sector have perhaps the highest education levels of any industry, with 70% having masters or PhDs. They are also alumni of some of the most celebrated universities in the world, led by 7 from Tsinghua University, 4 from Harvard and 3 from each of the University of Chinese Academy of Sciences and Peking University.”

The Director of Baoding International Medical Base Management Committee said, “We are delighted to partner with world-leading research organization Hurun Research, to release the list of the Hurun China Healthcare Pioneering Young Startups and Entrepreneurs 2024. Since launching the construction of the International Medical Base project in 2021, Baoding has been actively seeking to alleviate the pressure on Beijing's health services. Baoding city has signed a framework agreement with the Beijing Municipal Health Commission and the Hebei Provincial Health Commission, to deepen cooperation in the construction of national regional medical centers, cooperation of Beijing-Tianjin-Hebei medical consortiums, training of medical and healthcare talents, and public health. The city's 10 municipal and 3 provincial medical institutions have established cooperative relationships with high-level hospitals in Beijing, which has led to the relocation of the Stem Cell Transplantation Section of the National Center for Children's Medicine, Beijing Children's Hospital, to the city of Baoding. Stem cell transplantation division of the National Children's Medical Center Beijing Children's Hospital relocated to Baoding as a whole, becoming the largest hematopoietic stem cell transplantation center for children in the north of China. Since 2021, the number of insured medical visits outside the city has increased from 524,700 to 2,323,300, up almost four-fold. It has strived for 15 policies such as provincial cross-regional medical preparation transfer and use, support for the construction of clinical trial institutions, and formulated 47 measures to support the development of industries such as pharmaceuticals, cells, and silver hair economy, realizing that Beijing and Tianjin have sent specialists to Bao Bao to make 20,600 visits, and carried out telemedicine collaboration for more than 43,400 cases. The establishment of 'Cooperation Fund + Special Fund + Guidance Fund' industrial investment fund to provide financial support for the landing of medical-related industries. Taking the life sciences and healthcare service industries as the leading direction of the city's industrial transformation and development, planning and constructing an international medical base of 23.3 square kilometers, and taking 'double attraction and double service' as the path (introducing international and Beijing-Tianjin high-quality resources to serve the public with difficult and critical illnesses as well as the high-end market; and leading the development of the existing medical institutions in the city area to enhance the ability to serve and protect the general public), introducing the Beijing Children's Hospital Baoding to provide services to the general public, and providing medical services to the public.), the introduction of Beijing Children's Hospital Baoding Hospital, Guang'anmen Hospital Baoding Hospital, two national regional medical centers and Beijing-Tianjin-Hebei Silver Hair Economy Industrial Park, Beijing-Tianjin-Hebei Health Valley and other projects to land. We will make every effort to create a favorable business environment, and sincerely invite global life and health enterprises to invest and prosper in Baoding, and jointly build a world-class life and health capital.”

Table: Top 10, Hurun China Healthcare Pioneering Young Startups

Table: Headquarters of Hurun China Healthcare Pioneering Young Startups

Table: By Industry

Youngest Start-ups

Whilst the average age of the most valuable startups was seven years, ie set up in 2017, two were set up in 2021 and 10 in 2020.

Table: Youngest Hurun China Healthcare Pioneering Young Startups

Table: Industries of Hurun China Healthcare Pioneering Young Entrepreneurs

Table: Residences of Hurun China Healthcare Pioneering Young Entrepreneurs

Table: Alumni of Hurun China Healthcare Pioneering Young Entrepreneurs

Table: Academic Qualifications of Hurun China Healthcare Pioneering Young Entrepreneurs

Table: Majors of Hurun China Healthcare Pioneering Young Entrepreneurs

Hurun China Healthcare Pioneering Young Startups 2024, in association with Baoding International Medical Base in China’s Hebei Province

Hurun China Healthcare Pioneering Young Entrepreneurs 2024, in association with Baoding International Medical Base in China’s Hebei Province

About Baoding

Baoding is located in North China and known as the “Southern Gate” of Beijing. Greater Baoding covers 20,579 square kilometers and is home to a population of 10.2 million, of which Baoding city has an area of 2,565 square kilometers and a population of 3.2 million.

A Crucial City near Beijing

Baoding is on the doorsteps of Beijing and Tianjin but also Xiong’an New Area and Shijiazhuang, the capital of Hebei Province. The city center of Baoding is only 140 kilometers south of Beijing.

Baoding plays an important role in the development of the Beijing-Tianjin-Hebei region into a world-class city cluster. Four airports, namely Beijing Capital International Airport, Beijing Daxing International Airport, Tianjin Airport and Shijiazhuang Airport, and the two seaports in Tianjin and Huanghua are all near to Baoding and enable the formation of a one-hour traffic circle and a half-hour commute circle that connect the city with Beijing, Tianjin and other cities in Hebei.

A city of culture

With its long history, Baoding is a designated city of culture by the State Council. There are eminent persons in history, including Liu Bei and Zhao Kuangyin, famous emperors in China’s history, Zu Chongzhi, a great mathematician and astronomer who first calculate pi to six decimal places, the geographer Li Daoyuan, the poet Liu Yuxi, the dramatist Guan Hanqing, etc. Baoding has the most cultural relics in Hebei Province. At present, there are 59 key cultural heritage sites under state protection and 74 under the province level.

Baoding ranks among the top cities in China with the number of universities and students, which makes it a youth-friendly city. There are 19 colleges and universities, including 2 colleges and universities directly governed by the Ministry of Education and 5 provincial colleges and universities, with more than 280,000 college students. Baoding is also famous as the hometown of sports champions, where 24 world sports champions, including Guo Jingjing and Pang Wei were born and grew up there.

A City with Plentiful Natural Sceneries

Baoding enjoys a good reputation of beautiful sceneries. Taihang Mountains lies to the west and Baiyangdian Lake to the east. It is an important ecological conservation area in Beijing-Tianjin-Baoding Region and contributes to the ecological protection of Xiong’an New Area. Baoding also has beautiful and unique natural resources, where plains and mountains account for 43% and 57% of the city’s total area respectively. There are 46 A-level scenic spots designated by the Ministry of Culture and Tourism, including 3 5A-level scenic spots and 14 4A-level scenic spots. In 2019, it was awarded as the “National Forest City”.

A Low-carbon City

Baoding is a low-carbon pilot approved by the WWF and the National Development and Reform Commission, and also the first innovation-driven development model city among provincial-level cities approved by the China Association for Science and Technology. In the first half of 2021, Baoding was approved as the only pilot city of “Science and Technology Innovation China” in Hebei Province. Baoding is coordinating its efforts to build key industries of Life & Health, NEV & ICV, Intelligent Power Manufacturing, Data Services, Culture & Tourism, Passive Ultra-low-energy Buildings and Urban Agriculture. There are also well-known enterprises in Baoding, such as Great Wall Motor, Print-Rite, Lucy Group, Orient Sundar and Synlight Semiconductor. Industrial parks are being constructed such as “Power Valley of China”, Baoding-Shenzhen Hi-tech Innovation Industrial Park, Baoding-Shenzhen Science and Technology Innovation Industrial Base, Anguo Chinese Medicine Base and Baoding Zhongguancun Innovation Center.

About Baoding International Medical Base

Baoding International Medical Base is led by the Baoding Municipal Party Committee and Baoding Municipal Government, and administered by Baoding National High-tech Industrial Development Zone. Focusing on people's yearning for a better life, it provides medical treatment and healthcare services to alleviate the pressure on Beijing. Implementing the development strategy of Healthy China, Baoding endeavors to build a “world-class city of life sciences and healthcare services”. It is led by characteristic specialties with integrated development of “medicine, industry, research, education, digitalization, and healthcare”.

Baoding International Medical Base is situated in the eastern part of Baoding City's main urban area, with a construction area of 23.3 square kilometers. It enjoys a distinct advantage of three-dimensional transportation network with the Beijing-Hong Kong-Macao Expressway, Beijing-Guangzhou High-speed Railway and Xiong'an-Xinzhou High-speed Railway passing through. From here by high-speed train, it takes only 42 minutes to Beijing West Railway Station, 32 minutes to Shijiazhuang Railway Station, 15 minutes to Xiong'an New Area, 1.5 hours to Daxing International Airport and Zhengding International Airport, and 2 hours to Tianjin Binhai International Airport. Thus, it shows extremely convenient transportation and distinct regional advantages.

The initiating zone of Baoding International Medical Base is situated in the west of the Beijing-Hong Kong-Macao Expressway, covers an area of about 4.1 square kilometers. The northern part is the city function display area, which consists of Baoding Natural History Museum, hotel groups, medical complex, scientific research and incubators, etc. The central part is the medical service core area, which consists of Beijing Children's Hospital Baoding, Capital Medical University, Guang’anmen Hospital Baoding China Academy of Chinese Medical Sciences (Baoding No.1 Hospital of TCM), Beijing Cancer Hospital Baoding, Beijing Tongren Hospital Baoding, CMU, elderly care service bases, high-end healthcare communities and wetland parks. The southern part is an education and healthcare life area focused on healthcare vocational education, conference and exhibition centers, commercial development and residence.

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the United Kingdom in 1999, Hurun is a research and media group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand in 2023, mainly in China and India, and recently expanding to the UK, US, Canada and Australia.

Best-known for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series focus on young businesses and entrepreneurs, through the Hurun Unicorns Index, two Hurun Future Unicorns indices, the Hurun U^th series and the Hurun Pioneers series.

Hurun has grown to become the world’s largest list compiler for start-ups, ranking 4000 start-ups across the world through its annual Hurun Global Unicorns Index (startups with a valuation of US$1bn+), and two Hurun Future Unicorn Indexes: Gazelles, most likely to ‘go unicorn’ within three years, and Cheetahs, most likely to ‘go unicorn’ within five years.

The Hurun Pioneering Young Startups and Entrepreneurs series focuses on startups set up within the last ten years and founders aged 45 or under.

The Hurun U^th series includes the Under25s, Under30s, Under35s and Under40s awards, representing the cream of each generation of young entrepreneurs who have founded businesses with a social impact and worth around US$1m, US$10m, US$50m and US$100m respectively.

Other lists include the Hurun Global High Schools List, ranking the world’s best independent high schools, the Hurun Philanthropy List, ranking the biggest philanthropists and the Hurun Art List, ranking the world’s most successful artists alive today.

Hurun provides research reports co-branded with some of the world’s leading financial institutions and regional governments.

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

For media inquiries, please contact:

Hurun Report

Porsha Pan

Tel: +86-21-50105808*601

Mobile: +86-139 1838 7446

Email: porsha.pan@hurun.net

Grace Liu

Tel: +86-21-50105808

Mobile: +86 136 7195 4611

Email: grace.liu@hurun.net