Beijing boasts the most Chinese unicorn companies
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E-mail China.org.cn, April 27, 2021
Among Chinese cities in 2020, Beijing ranked first for the number of unicorn companies, with a total of 82 such enterprises. Shanghai trails with 44, while Hangzhou has 25, according to a report released by the Great Wall Enterprise Institute on April 26.
The report states that Beijing's 82 unicorn companies are estimated to have an overall valuation of $480.77 billion. Sixteen companies, including Chinese social fitness app, Keep, and Edtech firm, Huohua Siwei, made the list last year, marking six more than the year before. Internet technology company ByteDance and six of the other biggest companies accounted for 58.3% of China's national super unicorn companies.
In 2020, Beijing's unicorn companies generally operated across 26 main industries, including digital entertainment, internet education, artificial intelligence, new retail, digital healthcare, smart logistics, big data, tourism and sports, and e-commerce.
Digital entertainment, internet education, and artificial intelligence were the top three industries for Beijing unicorn companies, composing 31.3% of all unicorn companies in the capital. Among them, companies involved with digital entertainment have the highest valuation, reaching $226.52 billion. This is mainly thanks to the two super unicorns in the field-ByteDance and Kuaishou. However, in February this year, Kuaishou completed its listing on the Hong Kong stock exchange and thus withdrew from the list of unicorns.
Beijing has a solid foundation for internet development, with rich application scenarios for internet companies. During the COVID-19 pandemic, the digital entertainment and internet education industries grew at an unprecedented pace. As schools scrambled to make the switch from in-class to online schooling for an entire nation of students stuck at home, China's online education platforms especially flourished in 2020. This was most evident with Yuanfudao reaching super unicorn company status and Empower Education Online Ltd. (EEO) becoming a new unicorn.
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