The Hurun Research Institute recently released the 2023 Hurun China 500 list, featuring 10 enterprises run by Wenzhou businessmen, led by WuXi AppTec. The total valuation of the 10 enterprises is close to 1 trillion yuan ($139.4 billion).
The Hurun China 500 ranks China's top 500 non-State-owned enterprises based on market value or valuation, essentially serving as a valuation-based ranking of China's top private enterprises.
The top three companies on the list are TSMC, Tencent, and Alibaba, with valuations of 3.71 trillion yuan, 2.85 trillion yuan, and 1.57 trillion yuan, respectively.
Among the enterprises run by Wenzhou businessmen, WuXi AppTec and WuXi Biologics, both under Li Ge, lead with valuations of 261 billion yuan and 200 billion yuan, respectively.
Other notable enterprises include Tsingshan Holding Group and ASE Technology Holding, which are valued over 100 billion yuan each; Vipshop and Chint Group, which have valuations exceeding 50 billion yuan each; and Proya, Huafon Chemical, Weiming Environmental Protection, and Juneyao Airlines, which are valued between 30 billion and 50 billion yuan each. The total valuation of these Wenzhou enterprises is 996.5 billion yuan.
Collectively, the Hurun China 500 companies have annual sales exceeding 30 trillion yuan, equivalent to a quarter of China's GDP, and employ nearly 13 million people.
