The Hurun Research Institute today released the Hurun China 500 Most Valuable Private Companies 2021, a list of the Top 500 China non-state-controlled enterprises ranked according to their value. The cut-off used for listed companies was 19 November 2021, and the valuation of non-listed companies was estimated with reference to listed companies from the same industry. This is the third year of the Hurun China 500.

As of 19 November 2021, Nasdaq was up 35% year-on-year, the Shenzhen Component Index was up 7%, the Shanghai Composite Index was up 6%, and the Hang Seng Index was down 5%.

The threshold for the Hurun China 500 Most Valuable Private Companies 2021 increased by US$1.4bn (39%) over the previous year, reaching US$5bn. The total value of the list increased by US$1.6tn (18%) over the previous year to US$10.3tn, equivalent to about 60% of China's GDP in 2021. The average value increased by US$3.1bn (18%) to US$20.3bn. 370 companies saw their value increase, of which 176 were ‘new faces’; 9 companies have the same value as the previous year; 126 companies decreased in value; and 180 companies fell off the list. 56% are B2B businesses and 44% are consumer-focused. 77% offer physical products and 23% offer software or services.

Tencent is officially the most valuable company in China, heading the Hurun China 500 with a valuation of US$609bn. Semi-conductor giant TSMC was second with a value of US$577bn. Alibaba halved in value, dropping down one place to third. ByteDance’s value tripled last year, rising five places to 4th. Battery-maker CATL shot up 6 places to break into the Top 10 for the first time at fifth place, with its value rising 2.5 times to US$233bn.

34 companies more than doubled in value, led by Bytedance, CATL and Meituan. Healthcare and energy grew significantly, becoming the top two sectors. Among them, 13 IVD related companies are on the list.

IVD Related Companies on Hurun China 500 Most Valuable Private Companies 2021