BUSINESS China home to one-fifth of world's unicorn companies

BUSINESS

China home to one-fifth of world's unicorn companies

Xinhua

09:04, June 28, 2021

China's unicorn companies have expanded remarkably in the past five years, accounting for one-fifth of global unicorn companies in May this year, according to a report published by global management and consulting giant Accenture.

Photo: VCG

The number of unicorns in China reached 137 in May 2021, 94 more than five years ago, data from the report shows.

The country's unicorn companies, with notable Chinese market characteristics in technological innovation and business models, have shown the improvement of China's overall innovation capability, the report noted.

Leading unicorns in China began seeking a global presence at the very beginning of their businesses, read the report, and a growing number of unicorn enterprises hope to gain a larger market scale and new profit growth points through overseas market expansion.

According to Accenture's investigation of 87 Chinese unicorn enterprises, 45 percent of the companies regarded the expansions of their global businesses as crucial, and 82 percent planned to launch their overseas businesses within 24 months.

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