(Yicai Global) April 19 -- Ant Financial Services Group, the fintech affiliate of Alibaba Group Holding Ltd. has topped a ranking of China’s unicorns with a valuation of CNY400 billion (USD63.5 billion), followed by ride-hailer Didi Chuxing Technology Co. and smartphone giant Beijing Xiaomi Technology Co., which tied for second place with valuations exceeding CNY300 billion.
Unicorns, firms with external funding exceeding USD1 billion, in the Greater China region have a combined value of more than CNY4 trillion, Hurun Research Institute said in its index, adding that Beijing still accounts for the largest number of unicorns with 65, or 45 percent of the total.
The Greater China region added 33 firms to the Hurun Greater China Unicorn Index during the first quarter, of which 13 are based in the capital. Shanghai is home to 10 of the new additions, followed by Guangzhou (3), Shenzhen (3), Hangzhou (2), Nanjing (1) and Wuxi (1).
Of the 33 new unicorns, 10 are engaged in the internet service industry, followed by the culture and entertainment (5) and auto and transport (4) sectors. Tencent Music Entertainment Group is the highest-valued newcomer to the list at USD150 billion, ranking ahead of Beijing Jingdong Logistics Ltd. at CNY70 billion.
The report marks the second edition of Hurun's unicorn ranking, this time covering data up to March 31, 2018.
Editor: William Clegg