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Rupert Hoogewerf, chairman and chief research officer of Hurun Wealth Report, delivers a speech at the press conference of the Jiaxing EDZ Hurun Global 500 2022 on Dec 9. [Photo/cnjxol.com]

The Hurun Research Institute, together with the Jiaxing municipal government and Jiaxing economic and technological development zone, jointly released the Jiaxing EDZ Hurun Global 500 2022 on Dec 9.

The list included the world's top 500 non-State-owned companies, which were ranked by market capitalization or valuation.

The market values of listed companies were calculated based on the closing price on Oct 26, 2022, while those of non-listed companies were estimated based on listed companies in the same industry or the latest round of financing.

Rupert Hoogewerf, chairman and chief research officer of Hurun Wealth Report, said the Hurun Global 500 companies are the backbone of the world economy. The combined sales of these 500 companies exceeded 150 trillion yuan ($21.6 trillion).

According to the list, four new Chinese companies were included on the list this year, namely Shein, WeBank, JD Technology and Tongwei. This year, Shenzhen has seven Hurun G500 companies, tying with Beijing for the first time to become the Chinese city with the most Hurun Global 500 companies.

More than 300 companies on the list operate in China. Thirty-five are Chinese companies and the rest are non-Chinese companies with regional headquarters in China.