A Chinese corporate ranking shows that the total value of China’s top 500 private enterprises has risen by 6.6 trillion yuan (HK$7.08 trillion) over the past year to 56 trillion yuan, exceeding 90 percent of the total market capitalization of companies listed on the Shanghai Stock Exchange.

The list, Hurun China 500 Most Valuable Private Companies 2024, has Taiwan Semiconductor Manufacturing Company retaining its position as China’s most valuable private company, with a valuation of 6.98 trillion yuan, followed by Tencent (0700) and Bytedance.

The Shenzhen-based tech giant Tencent ranked second with a 3.42 trillion yuan valuation, gaining 570 billion yuan over the year, while Tiktok-owner Bytedance secured third place with 1.63 trillion yuan, up 230 billion yuan.

Huawei re-entered the top ten, ranking 10th with a valuation of 680 billion yuan, an increase of 110 billion yuan.