The Hurun Research Institute released the "Hurun China 500 Most Valuable Private Companies 2024", ranking the top 500 non-state-owned enterprises in China based on their business value. The market value of listed companies is calculated based on the closing price on November 15, 2024, while the valuation of unlisted companies is estimated based on the latest round of funding or by referencing the valuations of listed companies in the same industry. This is the sixth consecutive year that the Hurun Research Institute has released the "Hurun China 500."

The Hurun Research Institute has released the "Hurun China 500" list for 2024, which identifies the most valuable non-state-owned enterprises in China.

● TSMC's value surged by 3.27 trillion RMB, reaching 6.98 trillion RMB, maintaining its position as the most valuable private company in China for the second consecutive year.

● Tencent's value increased by 570 billion RMB, reaching 3.42 trillion RMB, securing second place.

● ByteDance's value rose by 230 billion RMB, reaching 1.63 trillion RMB, moving up one spot to third. On January 19th, TikTok resumed service in the U.S. after being suspended for over ten hours.

● Huawei returned to the top ten, with a significant increase of 110 billion RMB, valued at 680 billion RMB, ranking tenth.

The total value of the Hurun China 500 companies rose by 6.6 trillion RMB (13%), reaching 56 trillion RMB.

The industrial products sector, led by Foxconn Technology, saw the highest growth this year, becoming the largest industry among the Hurun China 500. The healthcare sector ranked second. Additionally, the telecommunications and software industries experienced significant growth, while healthcare and software & services saw a decrease.

In terms of value, the semiconductor, media & entertainment, industrial products, and consumer goods industries had the highest total value.

Beijing remains the city with the most companies on the Hurun China 500 list, with 65 companies, followed by Shanghai with 50, Shenzhen with 49, Taipei with 37, Hong Kong with 29, and Hangzhou with 23. These six cities account for 50% of the total.

74 companies (15%) are new to the list this year, with 10 companies valued at over 40 billion RMB. The top three newcomers are: Taiwanese game developer Xinxian Electronics, Nanjing-based software company Runhe Software, and Hefei-based semiconductor company Changxin New Bridge. Other newcomers include Beijing's autonomous driving chip company Horizon Robotics, Taiwan's electronic components companies Jiancai and Jiazhi Terminals, Ningbo's intelligent power distribution and medical services company Samsung Medical, and Shaoxing's automotive parts company Wanfeng Aowei.

86% of the companies are listed. The Shenzhen Stock Exchange (137 companies) leads the Shanghai Stock Exchange (122 companies), becoming the preferred exchange for companies in the Hurun China 500, followed by the Hong Kong Stock Exchange (106 companies).

72 companies have reached the threshold for the 2024 Hurun Global High-Quality Enterprises TOP 1000 (1.4 billion RMB).

On February 25, 2025, Shanghai – The Hurun Research Institute, which provides quality rankings and research, today released the 2024 Hurun China 500 Most Valuable Private Companies list, which ranks China’s top 500 non-state-owned enterprises by their value. The market capitalization of listed companies is based on the closing price on November 15, 2024, while the valuations of non-listed companies are estimated based on the latest round of financing or by referencing comparable listed companies in the same industry. This marks the sixth consecutive year Hurun Research Institute has released the "Hurun China 500".

2025 is the final year of the 14th Five-Year Plan. In his speech at the National Committee of the Chinese People's Political Consultative Conference’s New Year Tea Party, President Xi Jinping pointed out that we must adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development philosophy, accelerate the construction of a new development pattern, push for high-quality development, further deepen reforms, expand high-level opening up, better coordinate development and security, implement more proactive and effective macro policies, promote sustainable economic recovery, improve people's living standards, maintain social harmony and stability, and successfully complete the goals and tasks of the 14th Five-Year Plan, laying a solid foundation for a good start to the 15th Five-Year Plan.

From the cutoff date of the last list (November 15, 2023) to the cutoff date of this list (November 15, 2024), the Nasdaq rose by 32%, the Shanghai Composite Index rose by 8.4%, the Hang Seng Index rose by 7.5%, and the Shenzhen Component Index rose by 6.7%.

The threshold for entry in the 2024 Hurun China 500 remains the same as last year, at 26.5 billion RMB. The total value of the 500 companies increased by 6.6 trillion RMB (13%) to reach 56 trillion RMB. The average value of the companies increased by 11.5 billion RMB, reaching 111.5 billion RMB. Among the companies listed, 291 companies saw an increase in value compared to the previous year, including 74 new entries; 34 companies maintained the same value as last year; and 184 companies saw a decrease in value. 57% are B2B companies, an increase of 2% compared to last year, while 43% are consumer-facing. 74% of the companies provide physical products, an increase of 3% compared to last year, while 26% provide software or services. The average age of the top 500 companies is 29 years, meaning they were founded on average in 1995.