SEVEN Shenzhen-based companies made it onto the 2023 Hurun Global 500 list unveiled Wednesday by the Hurun Research Institute. This is the fourth year in a row the Shanghai-based institute released the Hurun Global 500, a list of the 500 most valuable non-state-controlled companies in the world. Companies were ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The cut-off date used was Oct. 31, 2023, according to the list’s compiler. The total sales of the companies on the list reached 180 trillion yuan (US$25.07 trillion), more than the combined gross domestic products of China and India. These companies employed a workforce of 44 million, equivalent to the working population of Germany. The United States added one firm this year, dominating the ranking with 261 and accounting for 52% of the total number and 65% of the total value. U.S. firms took the top nine spots on the list, with Apple retaining its position as the world’s most valuable firm at 19 trillion yuan, up 12%. Microsoft came in second with a value of 18 trillion yuan, up 39%, while Alphabet ranked third at 11 trillion yuan with an increase of 18% and Amazon was fourth at 10 trillion yuan with a 13% increase. China came in second with 33 companies, two less than a year ago. The listed Chinese firms are mainly in the internet, electronics and automotive industries, with Alibaba, Tencent, Meituan and Pinduoduo among the global leading online platforms. The new Chinese entrants on the list are led by electric-car maker Nio Inc., valued at 311 billion yuan, followed by video-sharing platform Kuaishou Technology., Apple contract manufacturer Luxshare Precision, sporting-goods firm Anta Sports Products Ltd. and refrigerator maker Haier Smart Home Co. Among the 33 Chinese firms, seven are from Shenzhen, including Tencent Holdings, Ping An Insurance, BYD Co., Huawei Technologies, Shenzhen Mindray Bio-Medical Electronics, Luxshare Precision and WeBank, China’s first digital bank. Valued at 3.7 trillion yuan, Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, posted an increase of 62% year on year in its market cap to lead the Chinese firms on the list, followed by Tencent, with its value increasing 48% from a year ago to 2.8 trillion yuan. (Yang Yunfei) | 