China's 12 highest-valued unicorn firms

Ant Financial is China's highest-valued unicorn firm in the first quarter, with its valuation exceeding 400 billion yuan according to the Q1 Hurun Greater China Unicorn Index.

The firm's valuation is likely to reach 1 trillion yuan ($157.52 billion) after the company was reported it would raise $9 billion on April 10, Hurun Report said.

Chinese smartphone maker Xiaomi ranked the second-largest unicorn in the country. On May 3, the firm applied for listing on the Hong Kong stock market, and it will be the first firm with dual-class shares structures to list in Hong Kong.

Beijing remains the city with the most unicorns, and the figure has increased to 66.

Here are the 12 largest unicorns firms in China.

12 Cainiao Network

Valuation: 100 billion yuan