This article by Violet Tang originally appeared on China Money Network, the best data intelligence platform tracking China’s tech and venture capital markets (access requires subscription).

China continued to be a breeding hotbed for tech unicorns in 2018, with 25 private companies receiving a valuation of $1 billion or more for the first time. The 2018 vintage unicorns boast a total valuation of $58.05 billion, China Money Network‘s data shows.

The total number of Chinese unicorns represents a modest increase over the 22 in 2017, but is still a slowdown over 2016 and 2015, which saw 33 and 31 new Chinese unicorns, respectively.

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