Beijing, Shanghai, Shenzhen and Hangzhou are the cities with the largest number of unicorn companies, which refer to start-ups valued at more than $1 billion, according to a report by global accounting firm PwC.
Beijing topped the list with 43 percent of unicorn companies in China, while Shanghai ranked second with 27 percent, followed by Shenzhen with 9 percent and Hangzhou with 8 percent.
The booming of unicorn startups in a region relies on the ecosystem of mature high-tech companies, the local economy's support to enterprises and the gathering of high-quality talents, as well as innovation support from local governments, the report said.
Let's take a look at the top 6 cities with the most unicorn companies in China by the end of September this year.
Beijing, Shanghai, Shenzhen and Hangzhou are the cities with the largest number of unicorn companies, which refer to start-ups valued at more than $1 billion, according to a report by global accounting firm PwC.
Beijing topped the list with 43 percent of unicorn companies in China, while Shanghai ranked second with 27 percent, followed by Shenzhen with 9 percent and Hangzhou with 8 percent.
The booming of unicorn startups in a region relies on the ecosystem of mature high-tech companies, the local economy's support to enterprises and the gathering of high-quality talents, as well as innovation support from local governments, the report said.
Let's take a look at the top 6 cities with the most unicorn companies in China by the end of September this year.