A report by Credit Suisse sheds lights on the differences between Chinese and American unicorns — a term for private startup companies with over $1 billion valuation.

Chinese unicorns lag behind their American counterparts in the areas of AI, hardware and biotech, the report says, largely because China’s scientific research spending is behind that of the U.S.

U.S.-China trade tension, however, may compel China’s technology sector to invest more in research and build a more self-reliant ecosystem in the coming years, analysts told Caixin, though its growth will be restricted.

For more insights from the Credit Suisse report and further analysis, watch our website www.caixinglobal.com for the full story, coming soon.