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| China has more 'unicorn' start-ups than the US | China has more 'unicorn' start-ups than the US |
| (32 minutes later) | |
| China has the world's largest number of "unicorns," privately-held start-up firms valued at more than $1bn ($771m), according to a new report. | China has the world's largest number of "unicorns," privately-held start-up firms valued at more than $1bn ($771m), according to a new report. |
| The country has produced 206 unicorns while the US has 203, the Hurun Institute report showed. | |
| Together the two countries are home to 83% of the world's unicorns. | Together the two countries are home to 83% of the world's unicorns. |
| It comes as Washington and Beijing battle a trade war and compete to become the world's technology leader. | It comes as Washington and Beijing battle a trade war and compete to become the world's technology leader. |
| Chinese financial payments company Ant Financial tops the list with a valuation of $150bn, followed by technology firm Bytedance at $75bn, and ride-sharing company Didi Chuxing. | Chinese financial payments company Ant Financial tops the list with a valuation of $150bn, followed by technology firm Bytedance at $75bn, and ride-sharing company Didi Chuxing. |
| "China and the US dominate with over 80% of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," said Hurun Report chairman Rupert Hoogewerf. | "China and the US dominate with over 80% of the world's known unicorns, despite representing only half of the world's GDP and a quarter of the world's population," said Hurun Report chairman Rupert Hoogewerf. |
| The report comes at a time of tense relations between the world's two largest economies. | The report comes at a time of tense relations between the world's two largest economies. |
| The US and China have been embroiled in a trade battle for the past year, creating uncertainty for businesses and consumers around the world. | The US and China have been embroiled in a trade battle for the past year, creating uncertainty for businesses and consumers around the world. |
| Their power struggle has also played out in the technology sector, with Chinese telecoms giant Huawei becoming a central part of their dispute. | Their power struggle has also played out in the technology sector, with Chinese telecoms giant Huawei becoming a central part of their dispute. |