Startups sprout in Chinese market

China has the largest number of unicorn startups outside the United States, with four Chinese companies rounding the top 10 globally in terms of valuation, a report said.

According to global consulting firm CB Insights, China is home to 55 unicorns - private companies valued at more than $1 billion each - among 214 unicorns worldwide.

The United States still holds the lead in the unicorn race by accounting for over half of global total unicorns while China and India follow as second and third, making up 25 percent and 4 percent of the total, respectively.