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The Unicorns of the Pearl River Delta

Despite the pandemic, the number of “unicorns” in China reached a new high last year. Unicorns are start-ups less than ten years old and already worth more than one billion US dollars. There are currently 600 of these particularly highly valued young companies worldwide, and the number is rising. By May this year, China accounted for one-fifth of global unicorn companies, according to a report by global management and consulting giant Accenture. According to the report, China was home to 137 unicorns as of May 2021. That’s 94 more than five years ago. The US, however, is still far ahead with 288. The trend is clear, however. China is following on the heels of the Americans and the gap is getting smaller.

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