China’s top 500 private firms now worth half of GDP last year, Tencent unseats Alibaba to become the most valuable company
STOCKS
China’s top 500 private firms now worth half of GDP last year, Tencent unseats Alibaba to become the most valuable company
STOCKS

China’s top 500 private firms now worth half of GDP last year, Tencent unseats Alibaba to become the most valuable company

 

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China’s largest private companies soared in value over the past year despite the coronavirus pandemic, boosted by rapid growth in the internet, healthcare and electric vehicles sectors, according to a new report released by Hurun Research Institute.

Average values of the country’s top 500 private companies surged 55 per cent to a record 110 billion yuan ($16.7 billion) from a year ago as of October this year, worth a combined 56 trillion yuan, or about half of China’s gross domestic product last year, according to the report.

Tencent Holdings, Alibaba Group . . .

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