GUIYANG - China has 29 big data "unicorn" firms and 54 future unicorn firms, according to a report on China's unicorn firms development.

The big data unicorn firm refer to a startup whose market value surpasses $1 billion within a decade of setting up. Future unicorn firms are those valued over $100 million each within five years or over $500 million each between five and 10 years.

The number of unicorn firms is seen to represent the innovation level and entrepreneurship environment of a city.

The 83 unicorns with total market value of $220 billion are mainly in the finance and big data sectors, said the report released by Greatwall Strategy Consultants.

The market value of the four super unicorns, Ant Financial, Didi Chuxing, Meituan-Dianping and Toutiao, exceeds $10 billion each.

The majority of unicorns are based in Beijing, Shanghai, Shenzhen and Hangzhou.