China “little giants” are emerging as big giants like Alibaba Group Holding Ltd. and
Tencent Holdings are falling out of favor, according to a report by Bloomberg on Monday.
- This new generation of startups has been selected under an ambitious government initiative to promote a technology industry that can compete with Silicon Valley.
- These little-known companies have demonstrated they are doing unique and innovative programs, targeting strategically critical sectors like robotics, quantum computing, and semiconductors.
- Wu Gansha got the little giants designation for his autonomous driving startup after a government assessment of his technology. That gave the Beijing company, Uisee, an additional dose of credibility and financial advantages.
- In 2021, Uisee raised over 1 billion yuan ($157 million), including money from a state-owned fund. The startup became a unicorn with a market value of nearly $1 billion.
The program has been in existence for over 10 years, but it has taken on a new role after Beijing started a sweeping crackdown against tech giants like Alibaba and Tencent.