Wuhan, capital city of Hubei Province, unveiled a three-year action plan between 2023 and 2025 to accelerate the cultivation of unicorn enterprises on Wednesday.

According to the action plan, Wuhan strives to foster more than 20 unicorn enterprises and more than 30 potential unicorn enterprises by 2025.

The city will bolster the development in the fields of integrated circuits, optoelectronics, new energy and intelligent connected vehicles, biomedicine, artificial intelligence, software and quantum technology.

The definition of a unicorn enterprise is a company that has been set up for less than a decade, valued at more than 1 billion U.S. dollars but not publicly listed.

Currently, Wuhan boasts 7 unicorns and 12 potential unicorns, ranking among the top ten in China. (en.hubei.gov.cn by Zhang Yawei）