In 2020, Beijing's 93 unicorn companies had a combined value of over 2.6 trillion yuan (US$396 billion), accounting for 43.3% of all unicorn firms in China, according to a recent report.

Beijing boasts as the unicorn capital of the world, with the most number of unlisted startups valued at US$1 billion or more, according to the report produced through a joint research and investigation effort led by the Beijing municipal government, the Beijing Academy of Science and Technology, and a research center on the private economy.

The report finds that 80% of the unicorn companies in Beijing are based in Haidian and Chaoyang districts, and nearly 60% work in emerging high-tech fields such as e-commerce, artificial intelligence, shared economy, healthcare technology, and education technology.

In 2020, the unicorn companies demonstrated strong vitality despite the COVID-19 pandemic, as Beijing-based ByteDance, Didi Chuxing, and Kuaishou made the list of the world's top 10 highest valued ones. In addition, 15 new unicorn companies had been developing in full momentum, with over 60% completing at least their series D rounds of funding, the report says.

The business environment, technology breakthroughs, large talent pool, and its strategy in building a global technology innovation hub are attributable to Beijing's concentration of unicorn companies and their strong growth, according to the report.

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