189 INDIVIDUALS AGED 30 AND UNDER MAKE HURUN CHINA UNDER30S 2023

SUZHOU, TIANJIN, CHENGDU AND HUZHOU MADE TOP 10 ‘ENTREPRENEURSHIP CAPITALS’ OF CHINA FOR FIRST TIME.

TOP 4 BEIJING, SHANGHAI, SHENZHEN AND HANGZHOU, ACCOUNTING FOR 60% OF TOTAL

SOFTWARE & SERVICES ACCOUNTED FOR LARGEST NUMBER OF CHINA U30S WITH 31%, MEDIA & ENTERTAINMENT (7.9%) SECOND, HEALTHCARE (7.4%) THIRD. TOP 3 INDUSTRIES MAKE UP HALF OF TOTAL LIST

180 EMPLOYEES ON AVERAGE, 70 MORE THAN LAST YEAR

WORKING 70 HOURS A WEEK ON AVERAGE

USA (39%), UK (27%) AND CANADA (15%) MOST POPULAR OVERSEAS STUDY DESTINATIONS FOR CHINA UNDER30S

HURUN RESEARCH INSTITUTE RELEASES THE HURUN CHINA UNDER30S 2023 IN ASSOCIATION WITH CHANGSHU KUNCHENG LAKE

(22 March 2024, Shanghai and Changshu) The Hurun Research Institute today released the Changshu Kuncheng Lake · Hurun China Under30s 2023, a list of China’s most successful entrepreneurs aged 30 and under. This is the seventh year of the list.

Changshu Kuncheng Lake is a High-tech Zone located around Kuncheng Lake in the city of Changshu, just outside of Shanghai.

This year, 189 individuals from 183 companies made the list. The average age was 28, with 77% male and 23% female. On average, companies are 4.7 years old, have 180 employees and are funded to Series A.

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

“Wealth creation in China has gone through a seismic shift in recent years. What these young Chinese pioneers are doing should be of interest to us all, since they are probably choosing the most promising industries of the future. The Hurun Under30s is designed to encourage these young entrepreneurs to grow bigger, faster and more sustainably, and become rolemodels for the younger generation. It gives me great pleasure to release the Hurun China Under30s 2023 with Changshu Kuncheng Lake in Suzhou.”

“Creating social value, living out one’s dreams and industry innovation are the Top three reasons why Chinese U30s choose to start a business. On average, they started their businesses five years ago, when they were aged 23, with as many as a third started their businesses during the pandemic. 60% are serial entrepreneurs, which perhaps goes to explain why their business partners are firstly friends, followed by colleagues and classmates.”

“This is a golden age for entrepreneurship. Since the start of the pandemic, we have seen more unicorns created than ever before. Technology is changing our lives and consumption habits. I am sure that the next Ma Huatengs and Lei Juns of this world have a really good chance of coming from the Hurun China Under30s.”

“Which industries are the young entrepreneurs on our list most optimistic about for the future? The Hurun China Under30s are talking about AIGC, neuroscience, low-altitude aircrafts, quantum computing, smart cars, biotech, elderly care, the female economy, hydrogen energy and offshore wind power.”

“Just over one in five of the Hurun China Under30s this year are women, the highest percentage in seven years. This compares with 30% from our Hurun UK Under30s and Hurun US Under30s, 20% from our Hurun Canada Under30s and only 5% from our Hurun India Under30s.”

“Hurun is committed to promoting entrepreneurship through its lists and research. Hurun’s ‘Startup Series’ has three main components. On the corporate level, it begins with the Hurun Cheetah Index, startups most likely to go unicorn within five years, moving onto the Hurun Gazelle Index, startups most likely to go unicorn within three years, and finishing with the Hurun Unicorn Index, startups already worth US$1 billion. On the individual level, we have the Hurun Under30s, Under35s and Under40s, for founders of businesses that are worth US$10 million, US$50 million and US$100 million.”

This is a brief summary of the Chinese-language press release. For the full press release in Chinese, please see www.hurun.net.

By Industry

Geographical Distribution

 Monies Raised

Financing Rounds

Major expenditure of financing

 Most Active Early Stage Venture Capitalists

Size of Business

Degree & Major

Hurun China Under30s 2023, in association with Changshu Kuncheng Lake

About Changshu High-tech Zone (the“CNZ”)

Changshu High-tech Zone (the “CNZ”), located in Kuncheng Lake, has the only branch of the World Union College (UWC) in China Mainland, with a management area of 138 square kilometers and a regional population of about 214000. CNZ is the main battlefield of economic development and technological innovation in Changshu. With the automotive industry innovation cluster as the "leader", CNZ focuses on developing four leading industries: automobiles and core components, intelligent equipment manufacturing, new generation information technology, and modern service industry, as well as other emerging industries: hydrogen energy, artificial intelligence, digital economy, life & health, new materials and Low altitude economy. By 2023, CNZ has achieved a regional GDP of 39.02 billion RMB; the general public budget revenue reached 4.19 billion RMB, with an increase of 35.9%. In the latest national comprehensive ranking of high-tech zones, CNZ ranked 62nd, achieving seven consecutive advancements.

About CSSD (Changshu) Kuncheng Lake Park

Jointly established by the People’s Government of Changshu City, Changshu National High-tech Zone（the“CNZ”） and China-Singapore Suzhou Industrial Park Development Group Co., Ltd.（the“CSSD”）, CSSD Kuncheng Lake Park reaches the South 3rd Ring northward, course of Zhangjiagang-Jiangyin Line eastward, Wuxi – Taicang Expressway & Changshu - Suzhou - Wujiang Expressway southward, and G524 westward, with a total planned area of about 46.4 sq.km. In accordance with the schedule of “determining framework in one year, taking shape in three years, realizing a certain scale in five years, and building a new city in ten years”, we commit to create a boutique lake area, which has integrated high-quality industrial development, S & T innovation and R&D, and high-end urban supporting facilities. In the future, it will realize a planning structure of “one lake, two bays and three axes” and the spatial layout of “one lake and ten islands” in the future. Efforts will be made to upgrade the park into a modern industrial park integrated with “Lake & City, Industry & City”.

By taking advantage of the unique natural endowment of Kuncheng Lake, the park focuses on the layout of digital industry clusters, including green and low-carbon development, digital economy, AI, intelligent networking, S & T innovation, R&D, headquarters economy, industrial Internet, sports and health, etc. based on its own features by highlighting the “2+1” industrial system of “new energy + digital technology” so as to create a new influential digital industry highland in the Yangtze River Delta region.

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the UK in 1999, Hurun is a research, media and investments 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 last year, mainly in China and India.

Best-known today 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 is the Hurun Start-up series, ranking the world’s unicorns and future unicorns, as well as giving recognition to young start-up founders.

Hurun has grown to become the world’s largest researcher and list compiler of startups, ranking 4000 startups across the world through its annual Unicorns list (US$1bn+), and two future unicorn lists (Gazelles from US$500mn, and Cheetahs from US$300mn).

For the young start-up founders, Hurun has created the Under30s, Under35s and Under40s awards, representing the cream of young entrepreneurs who have founded businesses with a social impact and worth around US$10mn, US$50mn and US$100mn respectively.

Other lists include the Hurun Global Highschools List, ranking the world’s best independent highschools, the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today, etc…

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

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, 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