THE Hurun China 500 Most Valuable Private Companies 2024 list was released Tuesday, highlighting the dominance of high-tech firms and underscoring China’s rapid progress in technological innovation. Four Shenzhen-based companies—Tencent Holdings, Ping An Insurance, BYD, and Huawei — secured spots in the top 10.

Chipmaker TSMC retained its position at the top of the list, followed by Tencent in second place. ByteDance climbed one spot to third, while Huawei re-entered the top 10, marking a significant comeback.

The list reveals that 26% of the private companies are engaged in software or services, with many specializing in artificial intelligence (AI), robotics, or smart manufacturing. AI applications are prominently featured across both hardware and software sectors, reflecting the growing integration of advanced technologies in various industries.

The total market value of the listed companies grew by 13% to US$7.8 trillion. Among the 291 companies that saw an increase in market value, 74 were newcomers to the list.

The Hurun China 500 ranks the top 500 Chinese private enterprises based on their market value. However, the institute noted that DeepSeek, an AI startup that grabbed global attention after the list’s cutoff date of Nov. 15, 2024, was not included in this year’s rankings.(SD-Agencies)