China ranks second globally with 416 unicorn firms, report shows

(ECNS)-- A report released at the Global Unicorn Conference 2026 in the parallel forums of the 2026 Zhongguancun Forum revealed that China was home to 416 unicorn companies in 2025.

This number represents nearly 30% of the overall total of unicorn companies across the world, solidifying China’s position as the world's second-largest hub for these.

According to the "China Unicorn Development Report (2026)," these companies had a combined valuation of approximately $1.61 trillion, with an average valuation of about $3.87 billion per firm.

In fact, the number of unicorn companies increased by 12.7% in the past three years, with the total valuation seeing a 14.6% rise in that same period. The record-high average valuation reflects a deepening market recognition of the growth potential of Chinese unicorns.

These figures suggest that China's unicorns are rising not only in quantity, but also in quality, said Xuan Hong, Chairman of the Zhongguancun Unicorn Enterprise Development Alliance.

The report also categorized China's unicorn firms across 11 various sectors. The five biggest sectors are Artificial Intelligence (AI), Smart Equipment, New Consumer & Retail, Integrated Circuits, and New Energy & Materials, accounting for 68% of all of the unicorn companies. AI leads the pack with 69 companies having a total valuation of $638 billion, standing as the only sector with an average valuation approaching $10 billion.

Xuan noted that although there are 14 "super unicorns，” which represent just 3.4% of the total number, they contribute nearly half of the combined valuation. Companies like Douyin (Chinese TikTok) and Shein are among this group, with nearly 80% of these super unicorns headquartered in Beijing, Shanghai, Guangzhou, and Shenzhen.

Geographically, China's unicorns are all highly concentrated. Just last year, 358 unicorn firms were reported to be clustered within the three major city clusters: the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area.

At the city level, Beijing hosts 116 unicorn firms, followed by Shanghai (65), Shenzhen (43), Guangzhou (21), and Hangzhou (20). These top five cities together are home to 265 unicorns, representing 63.7% of the national total.