According to a recent report, by the China-based Hurun Institute, China has the largest number of unicorns (privately held firms that have been valued at more than $1 billion). According to the report, China has produced a record 206 unicorns while the United States has produced 203. Merging these countries together, they have over 80% of the total number of unicorns in the world. While discussing this issue, the Chairman of Hurun Reports, Rupert Hoogewarf stated that, although these countries (China and US) represent only about half of the total world GDP as well as a quarter of the world population, they still dominate when it comes to the number of unicorns they play host to.

Dragon co-founder Paul Moynan who also founded Dragon Gateway a standalone vertical which acts a financial incubator for blockchain projects says,

“it should come as no surprise that China comes out on top as they have VC’s such as Sequoia who is the world’s most successful investor into unicorns. Being a key investor in one in five of the world’s unicorns and over key players in this space include Tencent, Softbank, Tiger, idg, Goldman Sachs and Alibaba”.

The report published further stated that Ant Financial, a Chinese payment company tops the list of unicorns in the world with a total valuation of $150 billion. Launched in 2014, this company aims to provide people with a secure platform to make payments. Unknown to most people, this company spun out of e-commerce giant Alibaba. Ranked at second on the list of valuable unicorns is another Chinese company, Bytedance. It is currently the fastest-growing tech company in the world and the owner of the popular video-sharing app TikTok. Bytedance comes second with a total valuation of $75 billion.

Ranked third on the list is another Chinese company, Didi Chuxing, a ride-sharing platform with a total value of $55 billion. Some of the other companies that make this list include; Airbnb, the leading home rental company, WeWork, an office space company, and Juul, an electric cigarette maker.

With the United States, only three behind in the report. will they close the gap or will China remain on top in 2020? - only time will tell. But in the meantime, for more news on the great innovation coming out of China, make sure you read the Dragon Blog, available by clicking here every day.

* In the venture capital industry, a unicorn refers to any tech startup company that reaches a $1 billion market value as determined by private or public investment. The term was initially coined by Aileen Lee, founder of Cowboy Ventures.