China’s largest private companies soar in value despite pandemic, worth half of second-largest economy’s GDP last year: Hurun report
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China’s largest private companies mushroomed in value over the past year despite the Covid-19 pandemic, driven by fast growth in the internet, health care and electric vehicles sectors, according to a Hurun Research Institute report released on Wednesday.
The values on average of the country’s top 500 private companies surged by 55 per cent to a record 110 billion yuan (US$16.7 billion) from a year ago. They were worth a combined 56 trillion yuan, or about half of China’s gross domestic product last year, according to the report, which is based on data up to October this year.
“The main reasons for the rapid increase were the rise of the new economy, especially after the pandemic, a sharp rise in the stock markets and a flurry of new listings,” said Rupert Hoogewerf, chairman and chief researcher at Hurun.