Hangzhou turns magnet for unicorns

The growing number of unicorn companies in Hangzhou is boosting the development of the country's new economy, according to Wu Aiqi, a professor at the School of Management of Zhejiang University.

Hangzhou, Zhejiang province, is home to 26 unicorn companies - startups valued at over $1 billion - and more than 100 soon-to-be unicorns, according to data released by weLian, a high-tech firm located in Hangzhou, at a recent forum held in the city.

The unicorn companies in Hangzhou - where the internet tech giant Alibaba is based - rank third in volume after Beijing and Shanghai, and second in value after Beijing.