Hurun, a Shanghai-based wealth research firm reported China had eclipsed US with the number of unicorns in the country with 206 unicorns in China and 203 in the US — with 82 unicorns in Beijing, it becomes the world’s unicorn capital compared to 55 in San Francisco.
Both China and the US account for 80% of the world’s unicorns, with China dominating in e-commerce, electric car and healthcare industries — while the US has most unicorns in cloud computing, artificial intelligence and life science.
The three most valuable unicorns in the world are in China, Ant Financial, which values at $150 billion; Bytedance, valued at $75 billion; and Didi Chuxing, valued at $55 billion.
The government pushes companies to be less dependent on foreign technology due to the ongoing China-US trade war — setting fire to the burgeoning unicorns in China.
Rupert Hoogewerf, the chairman and founder of Hurun said:
"Three years ago, on our global rich list, China overtook the United States for the first time in the number of billionaires. Today, China surpassed the United States for the first time in the number of unicorns.”