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Yingzhi Yang

Sequoia Capital China, Tencent Holdings and IDG Capital are the three top ranking investors in Chinese unicorns, according to a new report.
The Hurun report lists 202 unicorns, start-ups valued at more than US$1 billion, in China as of the first quarter of 2019. Sequoia China has invested in 53 of them, Tencent has put money into 31 and IDG has invested in 25.
“China has the largest number of unicorns in the world,” said Rupert Hoogewerf, chairman and chief researcher at Hurun.
More than 70 per cent, or 146, were in sectors such as internet services, e-commerce, internet finance, health care, culture and entertainment, artificial intelligence, and logistics, according to the report. The 202 unicorns have a combined valuation of more than 5 trillion yuan (US$732 billion).
China claims most AI unicorns as US rivalry heats up
Separately, a Credit Suisse report released at the end of March said that although China accounted for nearly one third of the world’s 326 unicorn start-ups, it lags behind the US in producing hi-tech unicorns in fields such as artificial intelligence, robotics and biotech, and is still playing catch-up in scientific research.
The Hurun report found that Beijing was home to 82 unicorns, 41 per cent of the total in China, followed by Shanghai with 45, Hangzhou with 19 and Shenzhen with 16. Hangzhou is the headquarters of e-commerce giant Alibaba Group, the parent company of the South China Morning Post.
Alibaba’s financial arm Ant Financial, TikTok owner Bytedance and ride hailing giant Didi Chuxing topped the Hurun unicorn list.
Sequoia China has invested in Ant Financial, Bytedance, drone maker DJI, short video app Kuaishou, JD Logistics, and education start-up VIPKID, while Didi Chuxing, Kuaishou, JD Logistics and health platform WeDoctor are in Tencent’s portfolio.
The report also included a list of 70 “future unicorns” that have potential to become US$1 billion start-ups in the future, including gay dating app Blued, e-commerce company Club Factory and fitness app Keep.
Shanghai’s new tech board would be an attractive listing option for Chinese unicorns, said Hoogewerf. He added that while 20 per cent of unicorns might fail, and less than 10 per cent would be acquired, most would go on to a public listing.


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Venture capital market

Sequoia, Tencent and IDG are the top investors in Chinese unicorns, says report

Ride hailing giant Didi Chuxing is one of the top Chinese unicorns. Photo: Reuters

Bytedance, operator of TikTok, is the No. 2 Chinese unicorn, according to Hurun. Photo: Bloomberg

China is home to more than half of world’s top AI unicorns as battle for supremacy with US heats up

Xu Li, chief executive of AI start-up SenseTime, speaks at the World Artificial Intelligence Conference in Shanghai, September 2018. Photo: Handout

China no match for US unicorns in AI, big data and robotics as it continues to play catch-up in R&D, says Credit Suisse

A screen shows a demonstration of Chinese AI firm Horizon Robotics’ facial recognition software. A Credit Suisse report said that most of China’s R&D spending is in experimental development. Photo: Reuters

FILE PHOTO: The company logo of the Didi Chuxing ride hailing app is seen on a car door at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo

Men visit iFlytek's artificial intelligence (AI) smart city display at the International Intelligent Transportation Industry Expo in Hangzhou, Zhejiang province, China December 21, 2018. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.

Unicorns

Shanghai to create a tech board for start-ups, unicorns to raise capital, upping the ante with Nasdaq and Hong Kong

Day traders taking a break at a stockbrokerage in Shanghai on October 15, 2018. Contrary to global conventions, China’s stock exchanges denote declines in green, using the red colour to represent gains and advances.Photo: AFP

Growing number of unicorns from China Companies with valuations in excess of US$1 billion —US —China —Rest of the world 120 100 80 60 40 20 Oct 2010 Sources: SharesPost Research; CBInsights Oct 2017 SCMP

Six out of the top 10 unicorns are from China Market cap (US$ billion) • US • China 150 $100 I $70 $60 $58 I$31 $30$28 $25 $21 •EIMMM Ant Financial Xiaomi Uber Lu.com Didi Chuxing Airbnb Meituan-Dianping JD Finance SpaceX WeWork Sources: SharesPost Research; PitchBook and other news articles SCMP

Hong Kong IPO volume and stock performance ■ IPO volume Stock performance to date (%) —9 A 150 120 90 60 ....... 30 0 Q4 2015 Source: Bloomberg Q2 2018 SNP

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The 202 unicorns have a combined valuation of more than 5 trillion yuan (U$732 billion)


Report lists 202 Chinese unicorns as of first quarter, with Sequoia China investing in more than 50.


Sequoia, Tencent and IDG are the top investors in Chinese unicorns, says report

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}The 202 unicorns have a combined valuation of more than 5 trillion yuan (U$732 billion)

The 202 unicorns have a combined valuation of more than 5 trillion yuan (U$732 billion)