Tencent File photo: Xinhua

Tencent beat Alibaba to become the most valuable private Chinese company in 2021, according to a report by the Hurun Research Institute on Wednesday.

According to Hurun's China 500 Most Valuable Private Companies 2021, Tencent, chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) and Alibaba were the top three most valuable companies.

Alibaba, who saw 2.5 trillion yuan of market cap wiped out in 2021, gave up the top spot to Tencent. 

A total of 34 companies saw their market cap double in 2021, with ByteDance, battery manufacturer CATL and online food delivery platform Meituan witnessing a $100 billion increase in their value.

Companies in the medical, health and energy sectors saw gains and field the largest number in the top 500 list while companies in the pharmaceutical, real estate and education were the biggest losers.

Shanghai was home to 69 of the most valuable companies while Beijing came in the second with 68 companies.

Debt-stricken Evergrande fell out of the top 500 list, while online shopping giant Pinduoduo and electric appliance maker Midea dropped out of the top 10.

Global Times