Semiconductors and artificial intelligence (AI) remained the dominant sectors in Hurun’s latest ranking of China’s 500 most valuable private companies, while the consumer goods industry suffered a notable decline in 2024.
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Taiwan Semiconductor Manufacturing Company (TSMC) topped the consultant’s 2024 list – which covers mainland China, Taiwan, Hong Kong and Macau – for the fourth year. The chipmaker’s market value increased 88 per cent from a year earlier to US$965 billion as of November 15, according to the ranking, released on Tuesday.
Tencent Holdings ranked second, as its value increased 20 per cent to US$473 billion. ByteDance overtook Alibaba Group Holding, which owns the Post, for third place, as its value rose 16.4 per cent to US$225 billion.
“This year, industries on the up were industrial products, semiconductors and software services, reflecting advances in smart manufacturing and the digital economy,” said Rupert Hoogewerf, Hurun’s chairman and chief researcher. Consumer goods and healthcare, particularly medical services, plunged, he added.
The number of consumer goods companies in the list fell by seven, while the population of healthcare companies shrank by 12.
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“[That reflects] the challenges of intensified market competition, industry restructuring and changes in the external environment,” Hoogewerf said.