A “unicorn” refers to those companies less than 10 years old and valued at $1 billion or more.
There were 34 Chinese new unicorn companies in 2017 that match these conditions, according to a new report released by Chinese startup database IT Juzi (IT桔子).
In the first half of 2017, rental economy startups gained prominence with bike rentals, power bank rentals, and got pretty silly with umbrellas, basketballs, and even blowup dolls.
In the second half of the year, new retail projects such as unmanned convenience stores and unmanned shelves began to emerge.
AI, on the other hand, has become a consistent investment-attracting sector throughout 2017 with Chinese startups’ overall valuation 2-4 times higher than that of the United States.
Here are four takeaways from the report: