The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is home to 110 companies among the nation’s top 500 non-State-owned enterprises, according to the latest Hurun China 500 ranking released on Tuesday.
Of those 110 companies, 49 are based in Shenzhen, 29 in Hong Kong, and 13 in Guangzhou. The Hurun China 500 Most Valuable Private Companies 2024 ranked the companies listed according to their value before Nov 15, 2024.
Among the Hong Kong companies, shipping and logistics firm SITC International recorded the highest rise in value, with a growth of almost 70 percent, followed by Futu Holdings, which saw a 50 percent increase. Hang Lung Properties dropped the most in value, by 41.1 percent.
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In addition, two firms from Hong Kong — NWS Holdings, an investment holding company principally engaged in the construction business; and Biel Crystal Manufactory, a smart device component manufacturer — are new to the list.
Tencent Holdings, valued at $473 billion, ranked as the most valuable private company in the GBA and the second-most valuable nationwide. Shenzhen-based Huawei has re-entered the Hurun Top 10, displacing Hong Kong-based insurance giant AIA, which dropped to 13th place.
Commenting on the economic trends that can be observed from the appearance of new faces on the list and the companies that have dropped down in the rankings, Rupert Hoogewerf, chairman and chief researcher of the Hurun Research Institute, said that the industries on the rise are mainly in the fields of industrial products, semiconductors, and software services, reflecting advances in smart manufacturing and the digital economy.
“The growth in AI can be seen from the growth in both the hardware and software (sectors),” he noted, adding that AI startup DeepSeek is not on this year’s list because it came onto the global market after the cutoff date.
However, healthcare — especially medical devices — and consumer goods experienced a downward trend, signaling the challenges presented by intensified market competition, industry restructuring and changes in the external environment, Hoogewerf said.
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For example, self-driving startup Pony.ai from Guangzhou and home appliance maker Midea Group from Foshan have each had “a good year”, but the value of Shenzhen-based Excellence Group in the real estate market fell by 32.3 percent.
The total value of the list surged by 13 percent to $7.8 trillion, with the average value increasing to $15.4 billion. About 290 companies saw their value increase, while the value of 184 companies decreased.
“The Hurun China 500, the backbone of China’s economy, is worth 60 percent more than in 2019, showing how China’s economy has grown,” said Hoogewerf.
Contact the writer at grace@chinadailyhk.com
