the pandemic for COVID-19 made some changes within the battle of China’s most valuable companies, so Tencent Holding Limited He ‘razed’ with his competitors and took first place in 2021.
Tencent Holdings Limited (Tencent) topped the list of China’s 500 Most Valuable Private Enterprises, while Alibaba moved to the third position by reducing its value by 48% according to the Hurun Research Institute.
Despite losing 22% of its value, Tencent, a Chinese technology company that deals with the distribution of internet products and services, artificial intelligence development and advertising services, was awarded the first place on the list.
alibaba group, dedicated to e-commerce, came in third place, below Taiwan Semiconductor Manufacturing Company.
According to Hurun Research Institute, the companies that positioned themselves in the first places and those that went down indicate the changes produced in the economy derived from the COVID-19 pandemic.
“The energy, chemical and health care grew rapidly, while traditional medicine and pharmaceutical retail, real estate, and education topped the list of companies that fell.
From the start of the pandemic, Alibaba Y Ping An Insurance they showed falls in their value by 203 billion euros and 94 billion dollars.
“The companies of China Hurun 500 they are the ‘backbone’ of China’s private sector and wield significant economic influence,” Hurun Report President and Principal Investigator Rupert Hoogewerf said in the statement.
He also highlighted that these companies have annual revenues of 3.75 billion euros, the equivalent of a quarter of GDP year in China and employ 11 million people.
Among the companies that managed to enter the Top 10 include ByteDance, CATL, Meituan, huawei, Ant Group, JD Group and Ping An Insurance.