Raffles Family Office · Hurun China Cheetahs 2021

Source:Hurun Report Author:Hurun Research Institute IssueTime:2022-01-17

Hurun Research Institute today, in association with leading multi-family office Raffles Family Office, released the Raffles Family Office · Hurun China Cheetahs 2021, a list of companies set up after the year 2000 that are most likely to ‘go unicorn’ within five years.


Raffles Family Office · Hurun China Cheetahs 2021


(17 January 2022, Shanghai) Hurun Research Institute today, in partnership with leading multi-family office Raffles Family Office, released the Raffles Family Office · Hurun China Cheetahs 2021, a list of companies set up after the year 2000 that are most likely to ‘go unicorn’ within five years. Cheetahs normally have a valuation of between US$300mn and US$500mn. This is the second edition of the list.


222 companies made the cut this year, 96 more than last year. 152 were new faces. 40 (32%) companies were promoted from last year’s Cheetahs list, with 39 becoming a Gazelle, Unicorn or going IPO and 1 being acquired. 16 (13%) were demoted, no longer making the cut.


The companies on the Cheetahs list come from 26 cities, mainly in Beijing, Shanghai, Shenzhen and Hangzhou. Mainly engaged in Biotech, E-commerce, Enterprise Services and Healthtech. 56% offer software or services and 44% have physical products. 65% are business-to-business and 35% are consumer-oriented.


Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said: “I am delighted to partner with leading multi family office Raffles Family Office to release the China Cheetahs Index, a list of startups in China most likely to 'go unicorn' within five years. I hope this list can inspire investors and young entrepreneurs. The trends in terms of industries and business models as well as  which cities have the most robust startup ecosystems are well worth noting.”


“Cheetahs are generally at B or C rounds of investments, a little earlier than Gazelles and a little later than those companies represented by the U30s Young Entrepreneurs to Watch.”


Raffles Family Office Group CEO, Chi-man Kwan said: “As a business that caters to the wealth management needs of ultra-high net worth families through a pan-Asian offering covering listed assets, alternatives and an expansive suite of wealth protection and succession planning tools, a partnership with the esteemed Hurun Research Institute is a natural fit for us.”


“And with many of our clients taking a keen interest in the private equity investments we offer in budding Chinese startups, the launch of the Raffles Family Office Hurun China Cheetah Enterprises list is an ideal way to commence that partnership”, Kwan added.


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


Geographical distribution



By Industry




When were they founded?




China Cheetahs Best Investors






About Raffles Family Office

Raffles Family Office (RFO) is an award-winning multi-family office with a full suite of wealth management services for ultra-high net worth individuals. With an integrated platform that combines independence with advisory expertise across a broad range of asset classes and an expansive global partnership network built for seamless collaboration with the world's leading financial institutions, the firm is uniquely placed to offer comprehensive, lasting and highly bespoke wealth growth and preservation solutions. RFO is headquartered in Hong Kong and has branch offices in multiple Asian financial centres, including Singapore, Shanghai, Beijing and Taipei.

For additional information, visit www.rafflesgroup.co



About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai, Sydney, Paris


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 6 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 two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.


The Hurun Start-up series begins with the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$300mn to US$500mn, most likely to go unicorn with five years.  Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index.


Other lists include 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 insitutions, real estate developers and regional governments.


Hurun hosted high-profile events in the last couple of years across China and India, as well as London, Paris, New York, LA, 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