Business Chief APAC+ANZ Magazine February 2020 | Page 36

LEADERSHIP

“ The Japanese government pledged to produce 20 tech unicorns by 2023 ”

36 bets was on transportation company DiDi , which was founded by an alumnus of rival ecommerce giant Alibaba . Tencent injected some $ 15mn in 2012 and the organisation has since gone on to buy out Uber ’ s Chinese business , leading to a valuation of some $ 57bn in May of 2019 .
The cream of the unicorn crop , and one of the most valuable startups in the world , is ByteDance , which clocked in with a valuation of over $ 75bn last year . While ByteDance might not be a household name , it ’ s social media app TikTok certainly is in the West , while in China , Douyin
FEBRUARY 2020