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Top five Chinese cities with most 'unicorns' | Updated: 2018-01-04 06:57

Beijing topped the list of cities with the most "unicorn" companies, with 54 startups according to the Hurun Greater China Unicorn Index 2017 released Dec 21.

A unicorn, by definition, is a startup company valued at more than $1 billion. The list surveyed 120 unicorn companies with a total estimated value of more than 3 trillion yuan ($458 billion) in China.

Shanghai took second position with 28 unicorns, and Hangzhou followed Shanghai with 13 unicorns.

Notably, the 13 unicorn companies in Hangzhou have a higher total estimated value than the 28 unicorns in Shanghai combined.

Here is the full list of cities with the most unicorn companies.

No 5 Guangzhou
Number of companies: 3
Total estimated value: 21 billion yuan

Visitors watch and film a drone light show during the opening ceremony of the 2017 Fortune Global Forum held at the Canton Tower in Guangzhou, South China’s Guangdong province, on Dec 7, 2017. [Photo/VCG]
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