Beijing has more unicorns than anywhere else on earth (except Silicon Valley)

There’s no denying that when it comes to startups, Silicon Valley is truly the valley of the unicorns (companies worth more than US$1 billion). But China’s no slouch. And according to a list released Monday, the Beijing neighborhood of Zhongguancun is officially the second-hottest unicorn-spotting spot on earth, with 40 different billion-dollar companies located there.

Zhongguancun’s high profile unicorn inhabitants include a lot of names you’ll recognize: Xiaomi, Meituan-Dianping, Didi Kuaidi, JD, Sogou, Vancl, iQiyi, Lashou, Baidu Waimai, etc. The list admittedly has a few questionable entries (should Baidu-owned companies Baidu Waimai and iQiyi really count as separate, independent unicorns, for example?). That’s perhaps not a surprise given that the list was compiled by a Beijing-based consulting firm. But if you take the firm at its word, then Zhongguancun has more than half of China’s total unicorns, and the second-most unicorns of any city worldwide.

While a few companies on the list might raise some eyebrows, there’s no denying that Beijing has a bucket-load of unicorns to its name, especially after last year’s wave of mergers. Perhaps more impressive, about 75 percent of companies on the list were founded within the past five years. Yes, China is flush with young, sexy tech unicorns. Try not to feel too jealous.

Of course, the list is based on 2015 numbers. 2016 is looking like a significantly rockier year when it comes to startup valuations, so it remains to be seen how many of the 40 firms currently on the list will still be sporting magical horns at this time next year.