A company logo of ByteDance Photo:VCG

China was home to the second largest number of unicorns -- 301, according to Hurun Unicorn Index 2021 which was released on Monday. US ranked the first with 487 unicorns in total. Unicorns in China and US accounted for 74 percent of the global total. 

ByteDance, owner of TikTok, is now the world's largest unicorn at a value of 2.3 trillion yuan ($360.7 billion), overtaking Ant Group, the largest unicorn in last year at a value of one trillion yuan. Elon Mask's SpaceX ranked third with a value of 640 billion yuan.

Three Chinese unicorns stand on the list's top 10. Logistics venture Cainiao ranked the 9th place with value of 220 billion yuan.

The overall value of global unicorns have reached 23.7 trillion yuan, roughly equal to Germany's GDP, said the report.

Global Times