Billion-dollar tech startups hold promise for China’s economy
By Shunsuke Tabeta, Yusho Cho and Naoki Matsuda
China has become a land of unicorns, home to at least 70 unlisted startup companies valued at $1 billion or more. And the government is counting on them to work some much-needed magic on the private sector.
Bands of the ventures are concentrated in four Chinese cities: Beijing, Shanghai, Hangzhou and Shenzhen. Some aim to unleash the power of artificial intelligence. Others focus on financial technology or lifestyle services. Together, they promise to help pull the country’s economy through the trade war with the U.S.
When these startups go public, they are expected to attract enormous sums of money from around the globe. Already, they are reaching millions of customers, disrupting industries and in some cases raising security fears.
Photo courtesy of Ted Lee.