Investment bank Credit Suisse released a special report on Tuesday showing that China's "unicorns" (private start-ups valued at more than $1 billion) are less than nearly 40% of the United States, but slightly higher by average valuation than the United States, while China's growth is driven by business model innovation rather than high technology.
China is the second largest source of Unicorns in the world, second only to the United States. Credit Suisse compared the status of Unicorns between the two countries and found that there were 272 unicorns in the world with a total valuation of US$864 billion as of September 18, 2018. 79 of them (29%) came from mainland China and Hong Kong, accounting for 33% of the total valuation. There were 127 unicorns in the United States with a total value of US$439 billion, accounting for 5% of the total valuation. 1%.
On this basis, the average valuation of Unicorns in China is $3.609 billion, slightly higher than that in the United States of America of $3.457 billion.
Chen Changhua, head of China's Stock Strategy Research Department of Credit Suisse, said that abundant venture capital funds in the market greatly promoted the rapid development of China's Licorne. Between the fourth quarter of 2016 and the fourth quarter of 2017, 17 (47%) of the 36 largest venture capital (VC) transactions in the world came from China.
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