China is emerging out yet again with grabbing the earth’s highest number of “unicorns,” start-up firms valued at more than $1bn (£771m), as per the recent report.
So far China successfully produced 206 unicorns; on the other hand, the US could bring in 203. However, the duo lands collectively brace to more than 80% of the planet’s unicorns.
It succeeds as Washington and Beijing dispute a trade war and shoulders to suit the world’s technology pioneer.
Hurun Report Chairman Rupert Hoogewerf
Despite reserving just half of the world’s GDP and a quarter of the world’s population “China and the US rule”. Chinese payments firm Ant Financial beats the list with a valuation of $150bn.
Established in 2014, Ant Financial’s chief business is online payment platform Alipay, which was twirled out of e-commerce giant Alibaba.
On the list, China’s Bytedance stands second, holding a valuation of $75bn. The fast-growing technology firm has a widespread video-sharing platform TikTok.
Chinese ride-sharing firm Didi Chuxing spins out the top three, reckoned at $55bn.
Furthermore, high-profile US groups including home-rental site Airbnb, WeWork, office space firm, and electronic cigarette maker Juul also star in the top 10.
The report reaches an interval of tense associations between the world’s two largest economies.
The US and China have been webbed in a trade battle for the previous year. Their power strife has also played out in the technology sector, with Chinese telecom giant Huawei standing the strongest belt of their battle.
The US alleges Huawei – the world’s largest producer of telecoms devices – simulates national security jeopardy and has put trade confinements on the company.
The company has consistently refuted the accusations, and many in China bicker the US is striving to hinder the country’s technology objectives.