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Home Business Trends

JP Morgan says more ‘unicorns’ are coming to China — and investors are going to like them

by Loknath Das
December 5, 2018
in Business Trends, News
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Jing Ulrich, MD & Vice Chairman of Asia Pacific of JPMorgan Chase, speaks during Fireside Chat on Day 1 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 27, 2018 in Nansha, Guangzhou, China. 

Dave Zhong | Getty Images for CNBC International
Jing Ulrich, MD & Vice Chairman of Asia Pacific of JPMorgan Chase, speaks during Fireside Chat on Day 1 of CNBC East Tech West at LN Garden Hotel Nansha Guangzhou on November 27, 2018 in Nansha, Guangzhou, China.

More start-ups valued at $1 billion or more — so-called “unicorns” — are coming to China within the next five years, a J.P. Morgan Chase executive said on Wednesday.

“We are very excited about the prospects for technology in China,” said Jing Ulrich, managing director and vice chairman for Asia Pacific at the investment banking giant.

In particular, China is “really leading the way globally” in the realms of artificial intelligence, “new-energy” vehicles and electronic payments, Ulrich said at CNBC’s East Tech West conference in the Nansha district of Guangzhou, China.

“I would say in the next three to five years, in some of these verticals, you will have a number of unicorns and super-unicorns emerging, and they should be very, very popular among investors globally,” Ulrich said.

Unicorns are commonly defined as start-ups valued at $1 billion or more.

Ulrich’s upbeat assessment comes amid an intense trade fight between Beijing and Washington. Investors will closely watch a weekend meeting between President Donald Trump and Chinese leader Xi Jinping at the G-20 summit in Buenos Aires, Argentina.

‘Hopeful’

Ulrich said she was “hopeful” for a de-escalation in trade tensions between the world’s two largest economies, with China offering a package of “concessions” such as improving intellectual property protection and allowing access to its domestic market.

“The two sides are both coming to the table to work out some kind of resolution. Even though the resolution may be short-term, but a temporary truce should be positive for markets,” Ulrich said.

“Of course, we cannot hold out hope that this one dinner will actually end all trade escalation or trade tensions forever. But at least, I think, there is something to look forward to. We do see some kind of light at the end of the tunnel,” Ulrich said.

[“source=cnbc”]

Tags: 'unicorns'AndareChinaCominggoingInvestorsJPLikeMoreMorganSaysThemTo—
Loknath Das

Loknath Das

I am a blogger with the main motive of writing articles at my choice of level. I do love to write articles and keep my website updated regularly , if you love my article then be sure to share with your friends as they would love to read my article...

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