Sequoia, Tencent and IDG are the top investors in Chinese unicorns, says report
- The 202 unicorns have a combined valuation of more than 5 trillion yuan (U$732 billion)
Sequoia Capital China, Tencent Holdings and IDG Capital are the three top ranking investors in Chinese unicorns, according to a new report.
The Hurun report lists 202 unicorns, start-ups valued at more than US$1 billion, in China as of the first quarter of 2019. Sequoia China has invested in 53 of them, Tencent has put money into 31 and IDG has invested in 25.
“China has the largest number of unicorns in the world,” said Rupert Hoogewerf, chairman and chief researcher at Hurun.
More than 70 per cent, or 146, were in sectors such as internet services, e-commerce, internet finance, health care, culture and entertainment, artificial intelligence, and logistics, according to the report. The 202 unicorns have a combined valuation of more than 5 trillion yuan (US$732 billion).
Separately, a Credit Suisse report released at the end of March said that although China accounted for nearly one third of the world’s 326 unicorn start-ups, it lags behind the US in producing hi-tech unicorns in fields such as artificial intelligence, robotics and biotech, and is still playing catch-up in scientific research.
