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Tech giants primed the explosion of unicorns in China

Baidu, Alibaba, Tencent, fund nearly half of Chinese billion-dollar startups

BEN HEUBL, Data journalist | China

LONDON -- There has been an explosion of "unicorns" -- startups with valuations of $1 billion or more -- in China since 2015, underpinned by the growth of new technology companies.

An analysis by the Nikkei Asian Review finds that 86% of China's unicorns have appeared in the last three years. With 18 unicorns joining the club in 2017, the country is one short of the record set in 2015.

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