Tencent beats Alibaba as China’s most valuable private company in 2021

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The chart illustrates the top companies on the list of Hurun China 500 Most Valuable Private Companies 2021, Jan. 19, 2022. /CFP

The chart illustrates the top companies on the list of Hurun China 500 Most Valuable Private Companies 2021, Jan. 19, 2022. /CFP

Tencent topped the list of China’s most valuable private companies in 2021, while Alibaba dropped to third place, according to a Hurun report released on Wednesday.

Tencent amassed a valuation of 3.9 trillion yuan ($610 billion) last year after 1 trillion yuan was wiped from the market. By comparison, Alibaba lost half its valuation at 2.5 trillion yuan.

ByteDance’s valuation tripled last year, rising to fourth place on the list. CATL entered the top 10 for the first time with a valuation of 1.5 trillion yuan.

The top 10 companies have a combined valuation of 19 trillion yuan, or 29% of the entire list, virtually unchanged from last year.

Companies have found growth opportunities through continued innovation despite the COVID-19 pandemic, said Rupert Hoogewerf, president and chief research officer of the Hurun Report.

China’s top 500 private companies have earned more than 30 trillion yuan in valuation over the past two years, he added.

Hoogewerf said movements in the Chinese economy can be detected from companies entering and exiting the list.

“The energy, chemical, medical and healthcare industries are growing rapidly. The industries with the largest number of companies not on the list are traditional medicine, retail pharmaceuticals, real estate and education,” he said.

Compared to the previous year, 180 companies have disappeared from the list in 2021, including tutoring group TAL and indebted property developer Evergrande.


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