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Tighter monetary conditions rein in Asian unicorns

New $1bn companies fall by half while valuations stagnate

Indian education technology unicorn Byju has made big gains in its valuation, but it is an exception to the general trend. (Photo by Kosaku Mimura)

TOKYO/SHANGHAI/COLOMBO -- Asia's unicorns are feeling the pinch from the global pivot toward tighter monetary policy as investors grow more risk-averse, with fewer and smaller unlisted companies reaching the $1 billion mark.

The region had 321 unicorns as of late July, just under 30% of the global total of 1,178, according to CB Insights. That is fewer than the U.S., which accounts for more than half, but still a substantial share, and looking at growth trends over the past year paints a dim picture for this major market.

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