China is breeding a new generation of unicorns – start-ups currently valued at US$1 billion or more – at an accelerating pace, cementing its place alongside the United States in a major global index.

The world’s second-largest economy saw 381 Chinese unicorns on the 2026 Hurun Global Unicorn Index, an increase of 38 from last year. The annual list, released on Tuesday, ranks the world’s most valuable start-ups.

China now mints a new unicorn every five days on average, double last year’s pace of one every 10 days, the ranking agency said.

ByteDance, the Chinese technology company behind TikTok and its domestic sister app, Douyin, was ranked third with a valuation of 3.3 trillion yuan (US$465 billion). Ahead of it were ChatGPT-maker OpenAI and American AI company Anthropic, which ranked first and was valued at US$965 billion.

The US maintained its lead with 806 unicorns, up 48 from last year, accounting for 50.3 per cent of the global total. The United Kingdom overtook India to capture third place, with 70 unicorns against 61.

The rankings highlight a deepening valuation divide between the world’s two biggest economies. As the US pours capital into generative AI, China is doubling down on chips, robotics and green technology.