Beijing Ranks First in China for the Number of Unicorns

April 29, 2021 2:15 am

Beijing (PingWest)—According to a report released this week by the Great Wall Enterprise Research Institute, in terms of the number of unicorn companies, Beijing ranked first in the country, with 82 companies last year, followed by Shanghai with 44 and Hangzhou with 25.

Beijing's unicorns are estimated to be worth $480.77 billion, the report said.

Sixteen companies, including Chinese social fitness app Keep and education technology firm Huohua Siwei, made the list last year, which had six more than the year before. Social media giant ByteDance and six of the other biggest companies accounted for 58.3% of China's national super unicorn companies.

In 2020, Beijing's unicorn companies generally operated across 26 main industries, including digital entertainment, internet education, artificial intelligence, new retail, healthcare, smart logistics, big data, tourism, sports and e-commerce.

Digital entertainment, internet education, and artificial intelligence were the top three industries for Beijing unicorn companies, composing 31.3% of all unicorn companies in the capital. Among them, companies involved with digital entertainment have the highest valuation, reaching $226.52 billion. 

A total of 24 unicorn companies across the country went public in 2020, of which 12 are listed in the US, 8 are listed in mainland China, and 4 are listed in Hong Kong.