(Yicai Global) Jan. 12 -- The Hurun Research Institute released its inaugural Hurun Global 500 List for 2020 today, which included 51 Chinese companies.

Shenzhen-based Tencent Holdings ranked sixth with its valuation of CNY4.72 trillion (USD730 billion), which rose by 76 percent from 2019, while Hangzhou-headquartered Alibaba Group was seventh with a value of CNY4.7 trillion, up by 31 percent from 2019.

The 51 Chinese firms on the list are in 18 cities, with 14 in Beijing, nine in Shenzhen, and seven in Shanghai.

US technology firm Apple Inc ranked first with a valuation of CNY14 trillion, up by 89 percent from 2019, followed by Microsoft, valued at CNY10.82 trillion, up 45 percent. Amazon ranked third with a valuation of CNY10.63 trillion, up 80 percent.

US firms led the way with the 242 on the list, worth a total of CNY196 trillion. China took second place, with its 51 firms worth a total of CNY34.8 trillion. Japan was third with 30 firms on the list, worth CNY12.9 trillion.

The Hurun Global 500 List recognizes the world’s top 500 non-state-owned companies, which are ranked according to their market capitalization or valuations. The overall valuation of the 500 firms in the list reached CNY327 trillion, equivalent to the GDP of the world’s six largest economies, namely the US, China, Japan, Germany, India and the UK.

Editor: Tom Litting