The much-anticipated 2025 Hurun China 500 List has finally been released. TSMC has once again claimed the title of China's most valuable private enterprise, boasting a staggering market value of 10.5 trillion yuan. Hot on its heels are Tencent and ByteDance, which have secured the second and third positions, respectively. In a notable development, Xiaomi has made its debut in the top ten, marking a significant milestone for the company.

The combined value of the 500 companies on the list has surged to 77 trillion yuan, representing a substantial increase of 21 trillion yuan compared to the previous year. One of the standout trends in this year's list is the remarkable growth of the semiconductor industry. It has now emerged as the second-largest industry in terms of company value, a testament to its rising prominence in the Chinese economy. In stark contrast, the real estate industry has witnessed the largest decline, reflecting the ongoing challenges and transformations in that sector.

From a geographical perspective, Beijing, Shanghai, and Shenzhen continue to dominate the list, ranking in the top three in terms of the number of companies represented. Notably, Shanghai has experienced the highest increase in the number of companies, solidifying its position as a key business hub. Suzhou has emerged as the most popular manufacturing base, attracting a significant number of companies due to its favorable industrial environment. Meanwhile, Shanghai remains the preferred destination for R&D activities, thanks to its abundant talent pool and cutting-edge research facilities.

This year, there are 95 newly listed companies on the Hurun China 500 List. Impressively, 90% of these new entrants are publicly traded, with the Shenzhen Stock Exchange emerging as the preferred listing venue. This trend underscores the growing importance of the Shenzhen Stock Exchange in China's capital markets.

The threshold for inclusion on the list has also increased, rising by 7.5 billion yuan. This reflects the overall growth and increasing competitiveness of China's private enterprises. On average, the value of the companies on the list has grown by 41.5 billion yuan, indicating a robust performance across the board.

In terms of individual company performance, TSMC has witnessed the largest increase in value, further cementing its position as a global leader in the semiconductor industry. On the other hand, Meituan has experienced the largest decrease, highlighting the challenges it faces in a rapidly evolving market. Companies such as Victory Giant Technology have led the way in terms of growth, showcasing the potential for innovation and success in China's business landscape.

Among startups established in the past decade, semiconductor companies have performed exceptionally well. In fact, 60% of semiconductor startups rank in the top ten in terms of value, demonstrating the immense potential and growth prospects of this industry.