China had 131 unicorn startups with a combined worth of $487.6 billion by the end of last year, said a think tank under the Ministry of Science and Technology in its latest findings.

Most are innovation-driven tech firms, headquartered in Beijing, Shanghai, Shenzhen and Hangzhou, according to the report published by the ministry's Torch High Technology Industry Development Center.

The term "unicorn" refers to privately-owned companies with a history of less than 10 years and market value above $1 billion.

Let's take a look at the top 10 unicorns in the country.

10. Cainiao (Rookie Logistics)

Valuation: $7.69 billion

Industry: Logistics

Headquartered in Shenzhen

Cainiao's logo is seen at the first e-commerce park opened by Alibaba in Jinhua city, Zhejiang province, March 29, 2017. [Photo/VCG]