The 2024 China company list for non-state companies has seen a large number of newcomers and a drop in traditional companies, says Rupert Hoogewerf, chairman and chief researcher of the Hurun Research Institute, at the China Daily. Companies on industrial products, semiconductors, and software services went up, while medical devices and consumer goods went down.
The China Daily:
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.
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.
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