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Startups

China overtakes US with highest number of tech unicorns: report

Along with India and UK, the four countries account for 89% of 494 startups

SHANGHAI -- China is home to the greatest number of technology startups each valued at $1 billion and over as of June 30, as government policies and venture capitalists hoping to find the next Alibaba Group Holding foster a nurturing environment for such companies to grow.

China with a total of 206 companies had three more such companies than the U.S., with Ant Financial topping the list with a market value of $150 billion, according to data compiled by Shanghai-based Hurun Research Institute. Hurun compiles a quarterly list but released an annual list for the first time on Oct. 21.

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