EIGHT Shenzhen-based enterprises have made it onto the Hurun Global 500 List released by Hurun Research Institute on Tuesday, which recognizes non-State-owned companies by their market capitalization or valuations.

The eight enterprises are Tencent Holdings, Ping An Insurance, Huawei Technologies, BYD Automobile, Mindray, SF Express, Luxshare and Smoore.

Tencent Holdings ranked sixth with a valuation of US$715 billion, which rose by 76 percent from 2019, while Hangzhou-headquartered Alibaba Group was seventh with a value of US$712 billion, up by 31 percent from 2019.

Tencent and Alibaba were the two Chinese companies that were listed in the top 10.

Ping An Insurance and Huawei Technologies took 27th and 57th places with valuations of US$245 billion and US$164.2 billion, respectively.

The 51 Chinese firms on the list are located in 18 cities, with 14 in Beijing, nine in Shenzhen and seven in Shanghai.

“The average value of the world’s top 500 enterprises increased by 25 percent or US$99.3 billion in 2020, despite the COVID-19 pandemic. The threshold to the list required a value of US$31.9 billion,” Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said.

U.S. technology firm Apple Inc. ranked first with a valuation of US$2.1 trillion, up by 89 percent from 2019, followed by Microsoft, valued at US$1.64 trillion, up 45 percent. Amazon ranked third with a valuation of US$1.61 trillion, up 80 percent.

U.S. firms led the way with 242 on the list, worth a total of US$29.7 trillion. China took second place, with its 51 firms worth a total of US$5.27 trillion. Japan was third with 30 firms on the list, worth US$1.95 trillion.

The overall valuation of the 500 firms in the list reached US$50 trillion, equivalent to the GDP of the world’s six largest economies combined, namely the U.S., China, Japan, Germany, India and the U.K.

(Han Ximin)