The Hurun Research Institute released the Hurun China 500 Most Valuable Private Companies 2019 today, which has listed the top 500 local private companies in China and ranks them according to their market value or valuation. The "private companies in China" here refer to non-public companies with headquarters in mainland China. This is the first time Hurun Research Institute has released the list.

The threshold for Hurun China 500 Most Valuable Private Companies 2019 is 14 billion yuan. The total market value of the listed companies is 36 trillion yuan, equivalent to 40% of China’s GDP. The average market value of the companies is 71 billion yuan. Rupert Hoogewerf, Chairman and Chief Investigator of Hurun Research Institute said that "the most qualified company should focus on its value, instead of its sales figures. The city that has the most companies listed, apparently has the most benefits in terms of GDP, Industrial growth, per capita income, taxation, the development of both corporate and personal income taxes."

What is different from the previous list is that two-thirds of the Hurun version of the list are listed companies, and the remaining one-third are non-listed companies or only partially listed companies. The market value of the listed companies is calculated according to the closing price on November 29, 2019. The market valuation of non-listed companies is estimated with reference to listed companies in the same industry.

Among the top ten, there are four companies headquartered in Guangdong Province, followed by Beijing, with three companies. The third is Zhejiang Province, with two companies. Eight of the top ten companies are from emerging industries, including e-commerce, media and entertainment, and big health. Five companies are worth more than one trillion yuan. Alibaba ranks No.1 with a market value of 3.8 trillion yuan, Tencent ranks No.2 with a market value of 2.9 trillion yuan, and Ping An Insurance ranks No.3 with a market value of 1.5 trillion yuan. Based on the cities on this list, Beijing ranks No.1 with 101 companies on the list, Shanghai and Shenzhen rank No.2 and No.3 with 67 and 63 companies on the list respectively. Hangzhou and Guangzhou rank No.4 and No.5 with 29 and 28 companies on the list respectively.

Executive Editor: Ye Ke

Translation: Ye Ke, Chen Wenjing