China second only to Silicon Valley in ‘unicorn’ stakes

03/03/2016

Xiaomi Mi 4S smartphoneAfter Silicon Valley, Beijing boasts the world’s second-largest number of ‘unicorn’ companies – high tech start-ups valued at over $1bn according to the Great Wall Enterprise Institute’s Unicorn List that was released earlier this week. Top of the list is Smartphone maker Xiaomi, valued at $46bn followed by the Meituan-Dianping online booking platform ($18bn) and the Kuaidi car hire app provider ($16.5bn).
“Beijing is China’s Internet center and many Internet companies are based in the city” says Lin Renxiang, an analyst at iResearch Consulting Group. “Moreover, Beijing is home to China’s top universities and research institutes, which cultivate technical talent for these unicorn companies.”
By December, there were 70 unicorn firms operating across the country according to the list, 40 of which were based in Beijing, 15 in Shanghai, 4 in Hangzhou, and 3 in Shenzhen. Its findings corroborate those of the Fortune Unicorn List that was published in January and whcich also put China in second place behind California where some 78 $1bn-plus high-tech start-ups are headquartered. According to Fortune, the top 10 unicorns in the world are:

  1. Uber: San Francisco (Transportation Services)
  2. Xiaomi: Beijing (Consumer Electronics)
  3. Airbnb: San Francisco (Lodging Services)
  4. Palantir: Paolo Alto (Data Analytics Software)
  5. Snapchat: Venice CA (Social Media)
  6. Didi Kuaidi: Beijing (Transportation Services) 
  7. Flipkart:Bangalore (e-Commerce)
  8. China Internet Plus: Beijing (Internet Services)
  9. SpaceX: Hawthorne CA (Aerospace)
  10. PInterest, San Francisco (Social Media)
Source: chinadaily