China has a total of 369 unicorn companies, or startups valued at more than US$1 billion, according to a report released on Sunday at the Zhongguancun 2024 Forum in Beijing.

The number of unicorn companies in China amounts to more than a quarter of the total number of such companies globally, the report said.

In recent years, China’s overall strength in technological innovation has been steadily increasing. The country has fostered a large number of unicorn companies, providing continuous momentum to nurture new quality productive forces, experts said.

Currently, China’s 369 unicorn companies span 16 sectors, with artificial intelligence and integrated circuits taking the lead.

In terms of locations, these companies cover 47 cities across the country, and more than 60% of them are concentrated in Beijing, Shanghai, Shenzhen, Guangzhou and Hangzhou.


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