Hu Run China Top 500 in 2024 released. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) once again topped the list with a market value of 6.98 trillion yuan.

On February 25th, Hurun Research Institute released the "2024 Hurun China 500 List", listing the top 500 non-state-owned enterprises in China based on enterprise value, with 86% of them being publicly listed companies. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) saw its value increase by 3.27 trillion yuan, ranking as the highest-valued private enterprise in China with a value of 6.98 trillion yuan. Tencent (00700) saw its value increase by 570 billion yuan, maintaining the second position with a value of 3.42 trillion yuan. ByteDance's value increased by 230 billion yuan, rising to third place with a value of 1.63 trillion yuan. Huawei saw a significant increase in value of 110 billion yuan, ranking tenth with a value of 680 billion yuan. This year, the total value of the top 500 enterprises in China reached 56 trillion yuan, an increase of 660 billion yuan from the previous year, marking a 13% growth. Chairman and Chief Research Officer of Hurun Rich List, Hu Run, stated that in the past year, the industries with the most new entrants on the list were industrial products, semiconductors, and software and services, reflecting the strong momentum of China's economy in high-end manufacturing and digital economy sectors. In the field of artificial intelligence (AI), the listed enterprises cover both hardware and software aspects. In the hardware sector, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR showed outstanding performance in the past year, with its value growing by 3.3 trillion yuan, equivalent to the growth of Tencent. This growth was mainly driven by the sharp increase in global demand for chips in key areas such as high-performance computing, 5G, and artificial intelligence. Additionally, companies such as Phytium (688256.SH) from Beijing, valued at 189 billion yuan, and Will Semiconductor (603501.SH) from Shanghai, valued at 131 billion yuan were also listed. In the software sector, listed companies include SenseTime Technologies from Beijing, valued at 51.5 billion yuan; Xiaoma Zhixing from Guangzhou, valued at 30 billion yuan; and Wenyi Zhixing, also from Guangzhou, valued at 34.5 billion yuan, which recently went public on Nasdaq. DeepSeek did not make it to the Hurun China 500 list this year as it entered the global market after the list cutoff date. Compared to the list five years ago, the healthcare and industrial products industries have remained steady, still holding the top three positions. The consumption, semiconductor, and energy industries have seen faster growth. The new entrants are mainly from the industrial products, semiconductor, and software service industries. Over these five years, the most outstanding performers were Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, with a value growth of nearly 5 trillion yuan, followed by ByteDance and Contemporary Amperex Technology (300750.SZ), each growing by over 1 trillion and 900 billion respectively. The trend of companies going global has become significant in China, especially after the pandemic. In 2023, the top 20 companies in terms of overseas income generated over 2 trillion yuan, with Lenovo Group (00992) earning over 310 billion from overseas, accounting for over 70% of total revenue, mainly targeting Asia Pacific countries, Europe, the Middle East, and Africa; Huawei earned over 230 billion from overseas, accounting for a third of total revenue, mainly in European, Middle Eastern, and African markets; Xiaomi (01810) from mainland China earned over 120 billion from other parts of the world, accounting for 45% of total revenue, mainly in India, the Middle East, Latin America, Japan, and Pakistan. Top Ten Companies Huawei re-entered the top ten. AIA dropped out of the top ten, ranking 13th. The total value of the top ten companies accounted for 34% of the entire list, reaching 19 trillion yuan, an increase of nearly 5 trillion yuan from the previous year. In terms of regional distribution, Shenzhen has the highest number of companies, with a total of four, followed by Beijing with two. Regional Distribution In terms of city distribution, Beijing still leads the list with the highest number of Hurun China 500 companies, totaling 65. Shanghai retains the second position with 50 companies, while Shenzhen closely follows with 49 companies, ranking third. In terms of province distribution, Taiwan surpasses Guangdong with 84 companies on the list. Guangdong ranks second with 81 companies. Beijing ranks third with 65 companies. Zhejiang has added two more companies compared to last year, totaling 54 companies and ranking fourth. Shanghai has seen the most significant decrease, totaling 50 companies and ranking fifth. The Yangtze River Delta region has a total of 149 companies in the Hurun China 500 list, accounting for 29% of the total nationwide, remaining unchanged from the previous year; the Guangdong-Hong Kong-Macao Greater Bay Area has 108 companies on the list, representing 21% of the total nationwide, a decrease of 1% from the previous year. Eastern China has a total of 264 companies in the Hurun China 500 list, accounting for 52% of the total nationwide; Southern China accounts for 22%. Industry Distribution This year, the industrial products industry saw the largest increase in the number of listed companies, becoming the largest industry in the Hurun China 500 list. The healthcare industry dropped to second place. The consumption industry also dropped to third place. In terms of total enterprise value, the semiconductor, media and entertainment, industrial products, and consumption industries performed well, having the highest total enterprise values. Biggest Winners in the Past Year The value of 291 listed companies increased compared to the previous year, including 74 new entrants. Companies with significant growth mainly came from the industrial products, semiconductor, and consumption industries. In terms of absolute value increase, the most significant growth in the past year came from Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, with a value increase of 3.3 trillion yuan, mainly due to the sharp increase in demand for chips in key areas such as high-performance computing, 5G, and artificial intelligence. Next is Tencent, with a growth of 570 billion yuan, mainly in the gaming sector.Excellent performance in multiple sectors such as advertising and cloud services has driven the overall improvement of the company's performance.Ranked third is Contemporary Amperex Technology, with a growth of 359 billion yuan. The value of Contemporary Amperex Technology peaked in 2021 at 1.49 trillion yuan, followed by a decline in the next two years, mainly due to market fluctuations and industry competition. However, in 2024, the value of Contemporary Amperex Technology has partially recovered, reaching 1.17 trillion yuan, mainly due to the company's continuous enhancement of technological research and development capabilities and product competitiveness, achieving good performance in different markets and application fields. Affected by factors such as the US-China trade friction, Foxconn has transferred some of its production capacity from mainland China to India, Vietnam, and other regions in the past few years. Nevertheless, the overall value of Foxconn has still increased, growing by 316 billion yuan, mainly benefiting from its production capacity layout in other regions of the world and diversified business development. For example, Foxconn has made significant progress in the AI server field and has become an important supplier in this area. The value of Meituan has grown by 293 billion yuan, mainly benefiting from its steady performance growth and continuous development of innovative business models. Xiaomi's value has grown by 253 billion yuan, mainly due to the strong performance of Xiaomi's mobile phone business and the rapid development of Xiaomi's smart electric vehicles. The value of ByteDance has increased by 230 billion yuan, mainly benefiting from its large global user base and performance growth in 2024. The value of Midea has increased by 187 billion yuan, mainly benefiting from technological innovation, continuous improvement of market layout, and healthy financial situation. Ping An Insurance's value has increased by 178 billion yuan, mainly benefiting from its continuous optimization in multiple dimensions such as strategic layout, product innovation, and service improvement, reshaping growth momentum. East Money Information's value has increased by 159 billion yuan, mainly due to market performance and increased trading volume. In terms of the percentage of value increase, the companies with the largest increase are POP MART, Cambrian Semiconductor, and Eoptolink Technology Inc. POP MART's value has more than doubled, with its core competitiveness lying in unique IP stories and successful brand operations, in addition to strong performance in overseas markets. Cambrian Semiconductor's value has nearly doubled, mainly benefiting from increased market demand and expectations for domestically-produced AI chips. Eoptolink Technology Inc., a communications equipment company based in Chengdu, has nearly doubled in value, mainly due to a significant increase in company performance. Suzhou TFC Optical Communication, a communications technology company based in Suzhou, has doubled in value, mainly attributed to technological innovation, increased research and development investment, and good performance. Zhongji Innolight, a communications equipment company based in Yantai, has nearly doubled in value, mainly as the world's leading data center optical module supplier, benefiting from the growing market demand. Kuang-Chi Technologies, a super-material company based in Shenzhen, has nearly doubled in value, mainly benefiting from technological breakthroughs and competitive advantages brought by applications and market recognition. Evergreen Marine, a shipping company from Taiwan, has nearly doubled in value, mainly due to strong financial performance, increased market share, and leading position in the shipping market. Bailey Therapeutics, an innovative biopharmaceutical company based in Chengdu, has nearly doubled in value, mainly benefiting from an agreement reached with Bristol-Myers Squibb Company to authorize global rights to a new drug developed by the company except in China. New Top 10 Enterprises Newly listed companies include Taiwan gaming company Xinsiang Electronics, whose stock price has risen by over 200%, technology-driven software service company Jiangsu Hoperun Software, and newly listed intelligent driving chip enterprise Horizon Robotics Siasun Robot&Automation.