INSUBCONTINENT EXCLUSIVE:
Image copyrightGetty ImagesChina has the world's largest number of "unicorns," privately-held start-up firms valued at more than $1bn
($771m), according to a new report
The country has produced 206 unicorns while the US has 203, the China-based Hurun Institute reported.Together the two countries are home to
more than 80% of the world's unicorns
It comes as Washington and Beijing fight a trade war and jostle to become the world's technology leader."China and the US dominate despite
representing only half of the world's GDP and a quarter of the world's population," said Hurun Report Chairman Rupert Hoogewerf.Chinese
payments company Ant Financial tops the list with a valuation of $150bn
Founded in 2014, Ant Financial's main business is online payment platform Alipay, which was spun out of e-commerce giant Alibaba
China's Bytedance ranks second, with a valuation of $75bn
The fast-growing technology firm owns popular video-sharing platform TikTok
Chinese ride-sharing company Didi Chuxing rounds out the top three, valued at $55bn.High-profile US companies including home-rental site
Airbnb, office space firm WeWork and electronic cigarette maker Juul also feature in the top 10
The report comes at a time of tense relations between the world's two largest economies.The US and China have been embroiled in a trade
Their power struggle has also played out in the technology sector, with Chinese telecoms giant Huawei becoming a central part of their
dispute.The US claims Huawei - the world's largest maker of telecoms equipment - poses a national security risk and has put trade
The company has consistently denied the allegations, and many in China argue the US is trying to curb the country's technology ambitions
