China's unicorn firms gaining ground on international stage

Country ranks 2nd globally, accounts for nearly 30 percent of world's total

China continues to rise as a key player in the global innovation ecosystem, ranking second globally in the number of unicorn companies and accounting for nearly 30 percent of the world's total, said a newly released report.

According to a unicorn enterprise development report released at the Zhongguancun Forum in March, China's unicorn companies are gaining global prominence, with a total of 409 unicorns valued at approximately $1.5 trillion.

Unicorns, generally defined as privately held companies that are less than 10 years old and valued at over $1 billion, are considered to have unique core technologies, competitive advantages and significant market potential.