The number of China's potential unicorns hit a record high in 2020, totaling 425, according to a report released by Greatwall Strategy Consultants, a Beijing-based private think tank focusing on new economy.

Beijing was home to 117 potential unicorn companies as of the end of 2020, ranking top in China, followed by Shanghai (84), Suzhou (39), and Hangzhou (37).

A "potential unicorn" means a China-registered company set up within the last five years with a valuation reaching $100 million, or a company set up for five to nine years valued at over $500 million.