China sees more unicorn firms in Q1: Report

BEIJING - China has seen the number of unicorn companies steadily grow in the first quarter of this year, a report showed.

Another 33 unicorn companies, those valued at $1 billion or more and not yet listed, were added to the unicorn list in the first quarter in China, according to a report by the Hurun Research Institute.

That brings the total number of such companies in China to 151 at the end of March, the report said.

Tencent Music, a streaming and downloading services provider, led the emerging unicorns in terms of market valuation, followed by JD Logistics and the medical service platform under Ping An Insurance Company of China.

The majority of the 33 companies are in the internet services, culture and entertainment or automobile sectors.

Beijing is home to the biggest number of new unicorns in China, followed by Shanghai, Guangzhou and Shenzhen.