In recent years, the business model of Unicorn technology enterprises has attracted the attention of a large number of investors, especially in the United States and China. But the epidemic has broken many Unicorn companies’ dream of going public. < / P > < p > at the front door of the stock exchange is a long list of companies related to so-called “disruptive technologies” that have crossed the $1 billion threshold in valuation time. In recent years, its business model has attracted the attention of a large number of investors. After several rounds of financing, investors get multiple returns. Erin Lee, a venture capitalist, calls a unicorn a company that has been established within 10 years and has a valuation of more than $1 billion. < / P > < p > for example, Facebook and Uber were Unicorn companies before they went public. Miguel Angel Bario, director of the digital innovation and financial technology program at the Spanish Institute of securities research, points out that it is not easy to achieve such high valuations. These companies are called unicorns because they shape myths. He added that what these companies have in common is that they use technology as a disruptive factor, and their business models exploit untapped market niches or change traditional patterns within an industry. Therefore, it is regarded as an emerging project with a wide range of expansion and closely related to the digital world and social networks. < / P > < p > another feature is that it does not need to obtain short-term benefits to achieve high valuations, because its business model gives investors high expectations. Zoom, for example, is still losing money, but its valuation is higher than that of the world’s seven largest airlines. < / P > < p > Unicorn companies are more common in the United States and China than in Europe. These companies have gone through a round of financing process. It is not uncommon for new investors to enter and old investors to leave. Unicorns usually seek quick profits before going public, so it is easy to trigger speculation and boost the so-called Unicorn bubble. < / P > < p > the new coronavirus crisis has blocked many Unicorn companies out of the stock market, which has been hit hard by social isolation measures. The misconduct since Uber’s listing has also made many investors more cautious. Uber’s share price, which was $45 a share when it went public last May, is now down to $30. In contrast, Facebook’s share price, at $38 A share when it went public in 2012, has soared to $262. Experts point out that internationalization is another feature that a start-up needs to become a unicorn company. Global image plays an important role in attracting investors and achieving high valuation. < / P > < p > unicorn’s technological destructiveness is reflected in two square drawings. On the one hand, it means changing people’s habits. For example, Netflix has changed the way people watch TV; Uber has changed the way people travel; financial technology companies have changed the way people enjoy banking services. Experts point out that, on the other hand, unicorn is constantly on the brink of legitimacy. In other words, they can easily go beyond the legal framework because technology always leads the law. The confrontation between Uber and the traditional taxi industry all over the world reflects this. In its latest report, UBS group talked about the birth of the fourth industrial revolution in detail. Everything is digital, even money, according to the report. This change has had a significant impact on the global economy. The report also points out that large technology companies (such as Amazon, Baba, alphabet, apple, Microsoft and Facebook) dominate technology, but medium-sized enterprises also have potential and opportunities. In the report, UBS group suggested that investors looking for unicorn companies should diversify their investments according to different branches of technology and the country of the company, because the competition for dominance of the trend is extremely fierce. The growth potential of disruptive technologies is even greater than countries’ GDP, but in essence, no one can predict whether Unicorn will eventually succeed. Therefore, investors must seek diversified solutions to avoid risks.