Dozens of Chinese startups have been listed as the most valuable unicorns (startup companies valued at over $1 billion) in the world, according to a recent report from a research institute.
New York-based tech firm CB Insights has unveiled its latest list of 197 of the most valuable private startups around the globe, 49 of which are from China.
The U.S. ride-hailing giant Uber Inc. tops the list with a total value of $68 billion while its Chinese competitor Didi Chuxing Technology Co. ranks second with $50 billion.
Chinese smartphone maker Xiaomi Corp., which was valued at about $46 billion, ranks third on the list.
Companies on the list are mostly tech firms in sectors like e-commerce, internet technology, fintech, cyber security and social media.
54% of firms on the list are headquartered in the United States, while 23% are based in China.
Other Chinese companies which are also on the Global Unicorn Club list include bike-sharing startup ofo ($1bn), Fintech company Lu.com ($18.5bn), Lianjia($6.2bn), an online platform for rental and second-hand real estate transactions, Ele.me ($4.5) a China-based online food ordering site, and China Internet Plus (known as Meituan-Dianping which was formed by the merger of Meituan, and Dianping, a group buying website).