China will have more US$1 billion Unicorn companies amid a mobile Internet development and demand from special consumer groups, Shanghai Daily learned during an investment conference yesterday.

Unicorns refer to private firms whose market value exceeds US$1 billion each and such companies represent innovation and new trends such as US-based Uber and Airbnb and Chinese firms Xiaomi and Dianping.com.

China has around 47 Unicorn companies, and the number will grow as they tap opportunities in consumption upgrade in retail, logistics, health care and education, speakers told Chinaventure Investment Conference in Shanghai.

"Chinese consumers care about the quality of life and demand convenience and better services," said Frank Wei, managing director and co-head of China of private equity investment firm Warburg Pincus. "They bring huge opportunities to venture capital and private equity investors."

Warburg Pincus invests in energy, finance, TMT (technology, media and telecommunications) and real estate.

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