Top five Chinese cities with most 'unicorns'

Beijing topped the list of cities with the most "unicorn" companies, with 54 startups according to the Hurun Greater China Unicorn Index 2017 released Dec 21.

A unicorn, by definition, is a startup company valued at more than $1 billion. The list surveyed 120 unicorn companies with a total estimated value of more than 3 trillion yuan ($458 billion) in China.

Shanghai took second position with 28 unicorns, and Hangzhou followed Shanghai with 13 unicorns.

Notably, the 13 unicorn companies in Hangzhou have a higher total estimated value than the 28 unicorns in Shanghai combined.

Here is the full list of cities with the most unicorn companies.

No 5 Guangzhou
Number of companies: 3
Total estimated value: 21 billion yuan