Beijing-based ByteDance, which was founded in 2012, is officially the world's most valuable unicorn for the second year running with a value of $200 billion, according to the Global Unicorn Index 2023, the article
adds. ByteDance is Chinese internet technology company, its products include TikTok, Douyin and Toutiao, among others.
The term unicorn refers to a privately held startup company with a value of over $1 billion.
Five Chinese companies in total won positions on the top 10 list of Global Unicorn Index 2023. They include Ant Group, Shein, WeBank and Cainiao, which were on third, fourth, sixth and tenth place respectively. China-based smartphone manufacturers Oppo and Vivo were included in the list for the first time this year. China is the world's second largest country with 316 unicorns companies, up 15 in one year and 50 percent since pre-COVID days with 206.