Forty-five Shenzhen companies are in the list of China’s 500 most valuable private companies released by the Hurun Research Institute recently, ranking third in the country.
A total of 117 companies from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) were included on the list.
Shanghai has surpassed Beijing as the city with the most valuable private companies in China, according to the list.
Three Shenzhen giants, namely Tencent, Huawei and Ping An Insurance, were among the list’s top 10. The other seven companies are Taiwan Semiconductor Manufacturing Co., Alibaba, ByteDance, CATL, Meituan, Ant Group and JD Group.
The total value of the top 500 private companies on the list reached 66 trillion yuan (US$10.4 trillion), up by 10 trillion yuan from last year and equivalent to 60 percent of China’s GDP in 2021.
Roughly 56 percent of the companies are engaged in the business-to-business (B2B) sector and 44 percent are engaged in business-to-consumer (B2C). Seventy-seven percent of the top 500 companies offer physical products, while 23 percent offer software or services.
The medical health industry has the greatest number of listed companies, followed by the energy and chemical industries. Moreover, the list saw a decline in the number of companies from traditional medicine, real estate and education sectors.
It is said that China’s top 500 companies have recruited 11 million employees and achieved 24 trillion yuan in total annual revenue.