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China Now Has More Than 100 Tech Unicorns

The mythical unicorn is no fantasy in China, which now boasts over 100 unicorns according to latest data from China Money Network.

The influential investment news service today provided an updated list of 102 unicorns in China, as well as the top venture capital funds pouring money into these behemoths.

Alibaba's Ant Financial ranks first with a valuation of US$70 billion. it is followed by Didi Chuxing and Xiaomi with valuations of US$50 billion and US$46 billion, respectively. And about 30 technology firms round out the bottom of the list with similar meager valuations of only US$1 billion.

The data provided shows logistics, real-estate services and healthcare-related companies, all of which are using the Internet to streamline and enhance traditional industries, are now showing strong valuations. Artificial intelligence, which became the buzzword last year, give birth to five pure-play AI unicorns.

The prevalence of Chinese tech giant trio, Baidu, Alibaba and Tencent, commonly referred to as BAT, is evident throughout the list. Thirteen unicorns worth US$124.51 billion are directly affiliated with or controlled by the BAT, taking 29% of the total in terms of valuation.

For venture capital firms, Sequoia Capital, IDG Capital, and Matrix Partners take the top slots for VCs who have the most number of unicorns in their respective portfolios.

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