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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