China has significantly expanded its roster of unicorns—privately held start-ups valued at $1 billion or more—solidifying its position alongside the United States as a global leader in high-value innovation. According to the 2026 Hurun Global Unicorn Index, released Tuesday, China now boasts 381 unicorns, an increase of 38 from the previous year. This marks a substantial acceleration in the creation of such companies, with a new Chinese unicorn emerging roughly every five days, twice the rate recorded last year.
ByteDance, the technology conglomerate behind social media platforms TikTok and Douyin, ranked third on the list with a valuation of 3.3 trillion yuan (HK$3.8 trillion). Leading the global rankings were artificial intelligence firms OpenAI, creator of ChatGPT, and Anthropic, valued at approximately $965 billion, highlighting the dominance of AI-focused ventures worldwide.
The United States remains the top market for unicorns, with 806 companies reflecting a growth of 48 from 2025. US-based unicorns represent just over half (50.3%) of the worldwide total. The United Kingdom displaced India to claim third place, hosting 70 unicorns compared to India’s 61.
The data illustrates an evolving divergence in sector strengths between China and the US. While AI accounts for 36% of global unicorn valuations—with US companies dominating foundational AI model development—China’s unicorn ecosystem has gravitated toward hardware and industrial technology. Semiconductors comprise 13% of Chinese unicorns, narrowly surpassing AI startups at 12%. Other key sectors include life sciences, green technology, and advanced robotics.
Among notable new entrants is DeepSeek, a Hangzhou-based generative AI start-up that debuted on the list with a valuation of 340 billion yuan. This placed the company in the global top 15 of unicorns and tied it with social media app RedNote for fourth place domestically.
Geographically, Beijing and Shanghai remain China’s primary centres for AI and fintech start-ups, while the Greater Bay Area—encompassing Hong Kong, Macau, and nine cities in Guangdong province—hosts 80 unicorns. Hong Kong itself maintains five unicorns, consistent with the previous year. Klook, a travel experience platform founded in 2014, was identified as the region’s most prominent unicorn.
Rupert Hoogewerf, founder of the Hurun index, emphasized the transformative impact of AI on the valuation landscape, noting the differing strengths between the two leading economies. He observed that China excels in “semiconductors, vertical AI, new energy and industrial robots,” focusing on applied manufacturing and industrial applications. In contrast, the US leads in foundational AI models, universal software platforms, life sciences, and financial technology infrastructure.