Logo of Phnom Penh Post newspaper Phnom Penh Post - China’s ‘unicorns’ exceed US number for first time

China’s ‘unicorns’ exceed US number for first time

Content image - Phnom Penh Post
A logo of Didi Chuxing displayed on a building in Hangzhou in China's eastern Zhejiang province. AFP

China’s ‘unicorns’ exceed US number for first time

China now has more privately-held start-ups valued by investors at over $1 billion than the US, a report said on Monday.

There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups – known as “unicorns” – in June 2019, according to the research firm Hurun Report.

This makes China the country with the largest number of unicorns in the world, with the US coming in second with 203 such companies.

“China and the USA dominate with over 80 per cent of the world’s known unicorns, despite representing only half of the world’s GDP [gross domestic product] and a quarter of the world’s population,” Hurun Report chairman Rupert Hoogewerf said.

“The rest of the world needs to wake up to creating an environment that allows unicorns to flourish in.”

According to Hurun, China is home to the world’s three most valuable unicorns – Alibaba affiliate Ant Financial, app maker ByteDance and ride-hailing giant Didi Chuxing, which have a combined value of $280 billion.

Major US names like Airbnb and co-working space operator WeWork also made the list, which included lesser-known start-ups like California-based automated pizza delivery company Zume and Indian fantasy sports platform Dream11.

Hurun, which released its inaugural Global Unicorn List on Monday, told AFP this was the first time China’s number of unicorns was confirmed by researchers to have surpassed the US.

MOST VIEWED

  • Historic Battambang town bans billboards

    The Battambang town administration informed all house and business owners in Svay Por commune to remove all billboards by August 1 as it is preparing to submit the town to UNESCO for inclusion on its historical cultural heritage list. Its July 25 notice said all signage was

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker