Number of China's unicorn company reaches 251 in 2020

China's unicorn company numbered 251 with a total valuation surpassing $1 trillion for the first time in 2020, according to a report released by Greatwall Strategy Consultants on Monday.

The total value of China's unicorn companies amounted to $1.06 trillion in 2020 and about 12 of them were valued at more than $10 billion with 72 new comers and 24 listed, the report said.

Last year, China's unicorn companies were spread in about 27 areas and 88 sub-areas, among which internet education, new energy and smart vehicles, new retail, intelligent logistic and digital entertainment were the hottest ones.

About nine new areas emerged in the same period including online celebrity promoted hot products, commercial satellite, intelligent charging, AI pharmaceutical, semiconductor materials, intellectual property data services, digital medical assistance, online classroom and digital fitness.

These unicorn companies are located in 29 Chinese cities with Beijing, Shanghai, Hangzhou and Shenzhen as hosts of about 171 of them.

From 2016 and 2020, China's unicorn company's number rose from 131 to 251 and 64 of them were listed in domestic and overseas markets in the four years, the report said.

A unicorn company refers to a privately owned startup valued at more than $1 billion within 10 years of its establishment.

As of April 2021, the number of unicorns worldwide totaled more than 590 with China as the home to majority of unicorns in Asia-Pacific, followed by India and South Korea, according to Statista, a market and consumer data company.