Number of unicorn companies in China reaches 164
March 27, 2018 Category China News Round-up, Weekly
China had 164 unicorn companies by the end of 2017, of which 10 super unicorns with a market value of over USD10 billion each. According to the 2017 China Unicorn Enterprise Development Report by the Torch High Technology Industry Development Center of the Ministry of Science and Technology and Greatwall Strategy Consultants in Beijing, the overall value of China’s unicorn companies has reached USD628 billion, covering 18 sectors in e-commerce, internet finance, health and culture, and entertainment. The companies include Didi Chuxing, Xiaomi, Alibaba Cloud, Cainiao and electric car battery producer Contemporary Amperx Technology. Alibaba invested in the most unicorns last year, creating a total of 29 unicorns, followed by Tencent, Xiaomi and Baidu.
More than 80% of the unicorns are located in Beijing, Shanghai, Hangzhou and Shenzhen. The China Securities Regulatory Commission (CSRC) has launched a favorable IPO policy for unicorns in four sectors: internet, artificial intelligence, environmental protection and bio-technology. Unicorns are private companies that are registered in China in the past 10 years with a value surpassing USD1 billion, the Global Times reports.
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