China Now Has More Unicorns Than US, Hurun List Shows
Dou Shicong
/SOURCE : yicai
China Now Has More Unicorns Than US, Hurun List Shows

(Yicai Global) Oct. 21 -- China has more unicorn companies than the United States for the first time in history, according to wealth statistics agency Hurun.

The Hurun Global Unicorn List 2019, published today at the World Internet Conference in Wuzhen, Zhejiang, contained 206 Chinese companies and 203 American of a total 494. Ant Financial Services Group, which runs payments platform Alipay, led the list with a valuation of CNY1 trillion (USD141 billion).

The firms -- all less than 10 years old, private and worth at least USD1 billion -- combined for a total CNY11.8 trillion valuation and spanned 118 cities in 24 countries, with India (21), the United Kingdom (13) and Germany (7) filling out the top five nations.

Chinese companies took up the top three spots worldwide. Beijing Bytedance, which runs news aggregator Toutiao and short video app TikTok, came second with a CNY500 billion (USD70.7 billion) valuation and ride-sharing giant Didi Chuxing ranked third at CNY360 billion.

Silicon Valley was the top breeding ground for the mega startups, home to 102, though the single largest city in terms of unicorn density was Beijing with 82. San Francisco followed with 55 and Shanghai with 47, while New York and Hangzhou had 25 and 19.

Editor: James Boynton

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Keywords: Unicorn , Hurun Report , Ant Financial