China's unicorn companies numbered 251 with a total valuation surpassing $1 trillion for the first time in 2020, according to a report released by Greatwall Strategy Consultants recently.

Among cities in Jiangsu province, Changzhou ranked second with three unicorns on the list.

They are China Aviation Lithium Battery Technology Co., Ltd. (CALB), SVOLT Energy Technology Co., Ltd., and Wanbang Star Charge Technology Co., Ltd.

The standard definition of a unicorn is a privately held startup valued at more than US$1bn. Most of these enterprises are in the vanguard of their industry, leading the way for the generation of new technologies, business activities, and business models. Their rise is thus regarded as a bellwether of future economic growth.