2021 HURUN GLOBAL 500, PROUDLY PRESENTED BY JIAXING CITY, ZHEJIANG PROVINCE, CHINA

Apple world’s most valuable company, up 15% to US$2.4 trillion

‘World’s Big 4’ Apple, Microsoft, Amazon and Alphabet double in value since Covid, adding US$4tn to take their combined value to US$8tn, and making up 14% of Hurun Global 500 Most Valuable Companies

Hurun Global 500 now worth US$58tn, up US$8.5tn or 17%. USA companies dominated, adding US$5.6tn. The next biggest were UK and Germany adding US$320bn and US$269bn.

USA led with 243 companies, up 1, followed by China 47, down 4.  Japan was third with 30 and UK was fourth with 24, up 3. India was 9^th with 12, up 1.

48 companies broke into the Hurun Global 500 this year. Led by Chinese video-sharing platform Kuaishou, which shot straight into a Top 200 place, and South Korean e-commerce platform Coupang straight in at 237^th place, other notable winners included German biotech company BioNTech, developer of a Covid vaccine with Pfizer, cryptocurrency exchange Coinbase, as well as Indian software giants Wipro (US$39.9bn) and HCL Technologies (US$36.6bn). 19 were from the USA and 7 from China. Software & Services led with 8, followed by Financial Services with 7 and Healthcare with 6.

10 companies broke into Top 100, led by China video sharing platform ByteDance, up 78 places to 30^th with US$280bn and China battery producer CATL, up 89 places to 50^th with US$204bn.

48 companies dropped out. 18 were from the USA, led by New York Life Insurance, and 11 were from China. Financial Services led with 9, followed by Consumer Goods with 6. Of the Chinese companies, home tutoring platform TAL Education and civil service exam test prep platform Offcn saw their share prices collapse after government reforms, whilst fintech platform Lufax and Ping An Insurance also saw their share prices down significantly. The cut-off to make the list rose 15% to US$36.6bn.

By growth, Hurun Global 500 companies from Metals & Mining led with massive 56% increase in value on back of surge in copper and iron ore prices, followed by Energy up 31%, on the back of a 61% increase in the price of oil, and Media & Entertainment up 28%. Hospitality was down 17%.

Traditional carmakers saw a resurgence, leading the Autos sector to add 29% in value, with Toyota Motors up 57% to US$292bn and Volkswagen up 79% to US$150bn. Tesla was still the most valuable car company in the world, up US$75bn to US$621bn and one place to 8^th.

Fuelled by global chip shortage, Semiconductors were amongst the best performers of the year, up 21% yoy. TSMC broke into the world’s Top 10, up 27% to US$567bn, whilst USA-based Nvidia rose 5 places to 14^th and Netherlands-based AMSL up 19 places to 28^th

By sector, Financial Services dominated with 94 of the Hurun Global 500, led by Visa worth US$529bn, up 14%. Second was Healthcare with 58, led by Johnson & Johnson worth US$443bn, also up 14%.

By value created over the last year, Sundar Pichai, CEO of Alphabet, oversaw US$513bn in value created to a total of US$1.7tn, closely followed by Satya Nadella, CEO of Microsoft, which added US$474bn to US$2.1tn.

When it came to growth, Steve Schwarzman topped the list, leading investment management platform Blackstone to almost triple in value to US$118bn. Other companies that more than doubled in year include world’s largest unicorn China-based ByteDance (up 168%), San Francisco-based payments platform Stripe (up 164%), China-based battery producer CATL (up 135%) and investment platform Charles Schwab (up 100%).

Since Covid, the Hurun Global 500 added US$18tn or 45%. Led by Media & Entertainment (up US$2.4tn), Retail (up US$2tn) and Software & Services (up US$2tn). 29 companies added US$100bn or more in value, led by the ‘World’s Big 4’ of Apple, Microsoft, Amazon and Alphabet, which added US$1tn each on average. China EV maker Nio grew fastest, up 25-fold to US$66.6bn, followed by USA biotech company Moderna, up 12-fold to US$104bn.

New York led with 28 Hurun G500 headquarters, followed by London and Tokyo.

Turkey, Poland, Thailand, Iran, Norway and the UAE largest countries by GDP without a Global 500 company

68 start-ups from 2000s, with 3 youngest from China, led by e-commerce platform Pinduoduo founded in 2015, and video-sharing platform Kuaishou and EV maker Nio in 2014.

Average age 63 years, ie founded in 1958. 119 companies older than 100yrs.

China had 47 companies, down 4, worth US$5.5tn, more than the combined total of companies from third- and fourth-placed Japan and UK. Led by Tencent worth US$697bn (down 3%) and Alibaba (down 18% and 2 places to 9^th). Shanghai was overwhelmingly preferred city for 159 of the non-China Hurun Global 500, followed by Beijing for 79.

India 12 companies, up 1, led by energy giant Reliance Industries with US$188bn, up 11%, and Tata Consultancy Services with US$164bn, followed by HDFC Bank with US$113bn. 49% or 240 of the non-India Hurun Global 500 have a regional presence in India, spread across ten cities, led by Mumbai with 86, and followed by Bengaluru with 52, Gurugram 32, New Delhi 30 and Pune with 13.

441 shareholders of 171 Hurun Global 500 made the Hurun Global Rich List 2021, led by Elon Musk and Jeff Bezos.

318 companies from the Hurun Global 500 do not feature in the Fortune Global 500

Hurun Research Institute today released the 2021 Hurun Global 500, proudly presented in association with Jiaxing City, Zhejiang Province, China

(20 August 2021, Jiaxing, China and Mumbai, India) The Hurun Research Institute today in association with Jiaxing City in East China released the 2021 Hurun Global 500, a list of the 500 most valuable non-state-controlled companies in the world, ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. The cut-off date used was 15 July 2021.

The cut-off to the Hurun Global 500 was up 15% to US$36.6bn. Total value was up 17% or US$8.5tn to US$58tn. 427 companies saw their values rise, of which 48 were new to the list. Only 73 saw their values drop or stay the same, and there were 48 drop-offs.  56% sell direct to consumers, whilst 44% are B2B. 54% sell physical products, with 46% sell software and services. By value, five industries make up half the Hurun Global 500, led by Financial Services, and followed by Healthcare, Energy, Software & Services and Retail. On average, these 500 companies have US$116bn of value, derived from sales of US$37bn, 85,000 employees and are 63 years old.

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said:

“It is easy to see why the Hurun G500 represents the most powerful group of companies in the world. With a total value of US$58tn, they make up the backbone of the world’s economy. Together these 500 companies had combined sales of US$18.4tn, bigger than the GDP of China, and employed 43 million staff, equivalent to the working population of Germany. There is masses of competition to make the cut-off to the Hurun Global 500, which was pushed up 15% to US$36.6bn.”

“Hurun Report is delighted to partner with Jiaxing City from East China to release the Jiaxing 2021 Hurun Global 500.  Following the release of the list, Hurun Report in association with the government of Jiaxing City will be hosting the 2021 Jiaxing Hurun Global 500 CEO Conference, bringing together executives from the G500 to discuss opportunities for 2022.”

“This year the Hurun Global 500 added US$8.5tn of value, on the back of a maturing of the digital economy and new technologies, especially in healthcare post Covid, but also helped by trillion-dollar economic stimulus packages, which have helped drive up stock markets to records heights, particularly in the US. In terms of fastest-growing industries, as the economy came back, a spike in the prices of copper and iron ore, as well as oil prices, drove up mining and energy companies. Short videos drove up entertainment values, whilst traditional car makers like Toyota and Volkswagen, saw their stocks bounce back.”

“Which companies are the economic winners and losers of Covid? The Hurun Global 500 these last two years was up 45%, or a massive US$18tn, to a total of US$58tn. Two thirds of that came from the US. US$4tn came from just four companies, the so-called ‘World’s Big Four’ of Apple, Microsoft, Amazon and Alphabet, driven in part by the growth in cloud services amid a maturing of the digital economy. Social media platforms Facebook and Tencent between them added US$700bn, semiconductor giants Nvidia and TSMC added US$600bn, whilst Tesla led the EV sector, adding US$500bn of value. Between them, these 10 companies added US$6tn of value, one third of the US$18tn total value created in the almost two years since the pandemic begun.”

“The rumbling US-China trade war has spilled over into an acceleration of a decoupling of the economies, fuelling competition for high-tech sectors such as semiconductors.  The global shortage of chips, which are now required in everything from smartphones to cars, has sparked competition in their design and production. Interestingly, 80% of the world’s most successful start-ups, unicorns valued at over US$1bn, are from the US and China, suggesting that these two economies have the lion’s share of the next wave of potential Global 500 companies.”

“The world’s most valuable companies keep getting more valuable, with the total value of the 10 most valuable companies rising five times in the last decade. This concentration of economic power has gained the attention of governments, with recent reforms by the Chinese government hitting ecommerce platforms, fintech and education stocks hardest.”

“Value is perhaps the best way to measure a company’s performance, since value takes into account not just the current performance of a company but also its future potential. Curiously, many of the world’s most valuable companies had surprisingly low sales. 8 of the Hurun Global 500 had sales last year of less than US$1bn. Covid vaccine biotech company Moderna, for example, has a market value of US$104bn, despite sales of ‘only’ US$800mn and 830 staff. Game platform Roblox has a value of US$44.1bn, despite sales of ‘only’ US$387mn and 1000 staff.”

“Two thirds of the companies on the Hurun Global 500, which is ranked by value, are not on the Fortune Global 500, which is ranked by sales. On the recent Fortune Global 500, for example, there were 143 Chinese companies, whilst on the Hurun Global 500, there are only 47 Chinese companies, of which 35 did not feature on Fortune, led by the likes of ByteDance and Meituan. The difference came from Hurun excluding companies like property developer Evergrande or retailer Suning, which had large sales but did not generate enough value to take them over the US$36.6bn threshold. Another reason is that the Hurun Global 500 does not include state-controlled companies, meaning that the likes of Saudi Arabia’s Aramco (worth US$1.9tn) as well as China state-controlled companies like baijiu brand Kweichow Moutai and ICBC did not make the list. Curiously, only 39 listed state-controlled companies would have made the cut-off, down from 45 last year, of which the lion’s share of 27 were from China.”

"Only 3 individuals in history have created more than one Hurun Global 500 company. Elon Musk is co-founder of three, led by Tesla in the Top 10, PayPal and SpaceX. The other two are from China. Jack Ma, despite his recent troubles, has two with Alibaba and Ant Group. The other is Shanghai-based Li Ge with biotech companies WuXi Biologics and WuXi AppTec, both of which have almost doubled in value in the past year."

“Hurun has been promoting entrepreneurship through its lists and research since 1999. Starting with the rich list and philanthropy lists, Hurun has gone on to rank unicorns and recently the 500 most valuable companies, on a global level as well as for individual countries, most significantly China and India.”  

“Stock markets in the US led the recovery of the global economy, with Nasdaq up 18%. Shenzhen exchange was up 9%, HK up 5% and Shanghai up 3%, and India stock markets also performed well, up 19%. The US dollar continued to depreciate against the Chinese Yuan, this time by 1.9%, and 1.6% against the Indian Rupee, whilst appreciating 3% against the Euro. Oil was up 61%. Since just before the pandemic, Nasdaq and China’s Shenzhen stock exchange have risen by 60%, whilst the US dollar has depreciated 8% against the Chinese Yuan and 5% against the Euro. In this same period, oil rose by 21%.”

Top 10

The Hurun Global 10 are worth US$12.2 trillion, up US$1.8tn, and represent 21% of the total value of the Hurun Global 500. 7 of the Top 10 are from the USA. Alibaba dropped down 2 places to 9^th, whilst Taiwan chipmaker TSMC broke into the Top 10.

Alphabet, Microsoft, Amazon and Apple added US$1.5tn of value, 18% of the entire list.

The Top 10 most valuable companies in the world were worth US$2.4tn ten years ago, one fifth of the US$12.2tn today. ExxonMobil, the world’s most valuable company ten years ago, is today worth US$243bn, up 49%, on the back of the oil price surge, earning it 35^th place in the world. Microsoft is the only company to make the Top 10 over twenty years.

New to Top 100

10 companies broke into the Top 100 this year, led by China-based TikTok owner ByteDance and battery manufacturer CATL.

New Additions

48 new companies broke into the Hurun Global 500 this year, led by Chinese video-sharing platform Kuaishou, which grew to US$80.8bn after its IPO and shooting it straight into a Top 200 place. 19 of these companies were founded in the 2000s.

Drop Outs

48 companies dropped out of the list, falling short of the cut-off, which grew 15% from US$31.9bn last year to US$36.6bn this year. New York Life Insurance saw profits drop by half, whilst furniture retailer IKEA reported a 29% fall in operating profit due to the pandemic.

Geographical distribution

The Hurun Global 500 came from 28 countries, dominated by the USA, and followed by China, Japan and UK. Germany overtook France to 5^th place.

By city, New York led with 28, followed by London, Tokyo, San Francisco and Paris.

By continent, North America led with 261 companies, followed by Europe and Asia with 117 and 105. Africa had only one of the Hurun Global 500. South America and Africa, with a quarter of the world’s population, have less than 1% of the Hurun Global 500.

Biggest Gainers & Losers

Blackstone, ByteDance, Stripe and CATL grew fastest.

By absolute value, the biggest gainers were Alphabet, Microsoft and Apple.

E-Commerce, Fintech and Real Estate Hurun G500 companies from China had a difficult year, led by e-commerce platforms Alibaba, which shed US$126bn, and Pinduoduo down US$28bn.  Shenzhen-based Ping An Insurance was down US$75bn, and Beijing-based real estate agency KE, whose founder Zuo Hui died aged 50 earlier this year, was down US$30bn. By percentage, Japan-based Daiichi Sankyo was the biggest loser of the year, down 41%.

Which industries performed?

Financial Services was the biggest contributor to the Hurun Global 500 with 94 companies or 18% of the list, followed by Healthcare with 58. The Top 5 industries made up half the list.

In terms of fastest-growing industries by value, Metals & Mining led the way, up 56%, followed by Energy (31%), Media & Entertainment (28%) and Software & Services (25%). Industries that had a bad year were Hospitality, down 17%, Electronic Components down 6% and Real Estate down 1%.

Value creation post Covid

Since just before the pandemic, the Hurun Global 500 increased by 45% to US$58tn. 87% of companies are trading above pre Covid valuations. 82 companies doubled their value and 29 companies added more than US$100bn. The ‘World’s Big Four’ were the biggest winners, partly on the back of cloud services, adding US$4.1tn.

By country, USA companies added US$11.6tn since the pandemic begun, followed by China (US$2.3tn) and Japan (US$500bn)

Boeing lost US$71bn since the beginning of Covid, making it the company on the Hurun Global 500 with the biggest value loss, followed by AT&T with US$64bn. Although traditional energy companies performed better this year, they are still down from before Covid, with Shell, Exxon Mobil, BP, Total and Chevron all making the list of the companies with the biggest value losses.

Media & Entertainment added US$2.4tn value during the pandemic period followed by Retail and Software & Services with US$2tn each. Aerospace & Defense and Construction & Engineering were down 4% and 3%.

Less than US$1bn revenue companies

Whilst the average sales of the Hurun Global 500 was US$37bn, 151 of the Hurun Global 500 had sales of less than US$10bn, of which 8 managed to make the list with sales of less than US$1bn.

Founded in 2006, gaming platform Roblox made the Hurun G500 with the least revenue, ‘only’ US$387mn.

How old are they?

The average age was 63 years, ie founded in 1958.

119 companies – a quarter of the list – have a history of more than 100 years, of which five are more than 200 years old.

68 start-ups were founded in the 2000s, making up US$6.7tn or 11% of the Hurun Global 500. 15 are founded in the last 10 years, led by China e-commerce platform Pinduoduo, China EV maker Nio and video-sharing platform Kuaishou.

Facebook is the most valuable start-up founded in the 2000s, followed by Tesla.

How many do they employ?

Companies from the Hurun Global 500 employ 43 million people around the world, an average of 85,000.

95 have less than 10,000 employees, remarkable when the cut-off to make the list this year was US$36.6bn.

121 have more than 100,000 employees, led by Walmart with 2.2 million employees and China-based Hon Hai Precision Industry (better known as Foxconn) with 800,000 employees.

By Country

USA: American companies occupied nearly half of the Hurun Global 500 places, with 243 companies, up 1 from last year. 219 saw their value increase, of which 19 were new faces. 24 saw their value drop and there were 18 dropouts. Together they had a combined value of US$35.3 trillion, equivalent to a third of global GDP. New York had the highest number of companies (28), followed by San Francisco (15) and San Jose (9). With 43 companies, Financial Services is the main sector, followed by Healthcare and Software & Services with 34 and 26.

China. 47 companies from Greater China made the Hurun Global 500, led by Tencent and Alibaba both making the Top 10. 31 saw their value increase, of which 7 were new faces. 16 saw their value drop, and there were 11 dropouts. The 47 China companies were spread across 21 cities, led by Beijing with 9 and followed by Shanghai and Shenzhen with 7 each. The average age was 24 years, much younger than the 63 average age of the whole list. 271, or 60%, of the non-China Hurun Global 500 have regional headquarters across 14 cities, with the overwhelming majority in Shanghai (159) and Beijing (79) and a few across HK, Shenzhen and Guangzhou.

Japan retained 3^rd spot on the Hurun Global 500 with 30 companies same as last year. With a valuation of US$292bn, 84-year-old Toyota Motors was the most valuable Japanese company followed by Sony (US$128bn) and Keyence (US$127bn). Healthcare led the way with 4 companies followed by Retail, Financial Services, and Automobile & Auto Components with 3 each. The combined value was US$2.1tn, up 11%. The average age was 73 years, 10 years older than the average age of the whole list. Tokyo is the preferred city for 17 of the companies.

With 24 companies, UK retained 4^th place on the Hurun Global 500, led by gas and engineering company Linde (US$178bn), and followed by Unilever (US$155bn) and AstraZeneca (US$149bn). The combined value of UK headquartered companies was up 20% to US$1.9tn. The average age was 88 years, 25 years older than the average of the list. UK is home to the oldest company on the 2021 Hurun Global 500: the 323-year-old London Stock Exchange. Financial Services led the way with 8 companies, followed by Professional Services and Consumer Goods with 3 each. 3 of the Big 4 accounting companies are headquartered in London.

With 20 companies, Germany rose above France to 5^th place, led by SAP (US$181bn) followed by Robert Bosch (US$172bn) and Volkswagen (US$150bn). Healthcare and Automobile & Auto Components led with 4 companies each. Financial Services, Transportation & Logistics and Consumer Goods have 2 companies each.

France down to 6^th with 19 companies, down by 2. With US$389bn, LVMH was the most valuable company in France followed by L'Oreal (US$247bn) and Hermes (US$155bn). The combined value of French companies increased by 13% to US$2tn. The average age was 103 years, 40 years older than the average age of the list. Consumer Goods led the way with 6 companies, followed by Financial Services 3 and Food and Beverages, Aerospace and Energy with 2 each. Paris was the preferred HQ.

Canada is home to 17 companies from the Hurun Global 500 and was 7^th in the list. 17-year-old Shopify, valued at US$179bn, is the most valuable Canadian company, ahead of 157-year-old Royal Bank of Canada, valued at US$143bn. Financial Services led the way with 6 companies, followed by Retail with 3 companies. Transportation & Logistics, Energy and Metals & Mining have 2 companies each. Toronto was the preferred city with 6 companies, followed by Montreal and Calgary with 4. Their combined value came to US$1.2tn up by 24%.

Switzerland was home to 15 companies, ranking it 8^th in the list. The combined value of the companies was US$1.5tn, up 17%. Zurich was home to 4 companies followed by Basel and Baar with 3 each. Nestle and Roche were the two most valuable Swiss companies, at US$361bn and US$341bn respectively, followed by Novartis (US$227bn). Financial services led the way with 4 entrants followed by Healthcare with 3 companies.

India rose above Australia to 9^th with 12 companies: 8 in Mumbai, 2 in Bengaluru and one in each of Noida and New Delhi. With US$188bn, Reliance Industries is the most valuable company followed by Tata Consultancy Services (US$164bn) and HDFC Bank (US$113bn). Financial Services and Software & Services led the way, with 4 companies, followed by Telecommunications with 2.

250 or 50% of the non-India Hurun Global 500 have a regional presence in India, spread across ten cities, led by Mumbai with 86, and followed by Bengaluru with 52, Gurugram 32, New Delhi 30 and Pune with 13.

Australia was at 10^th spot with 11 companies, with 5 in Melbourne, 4 in Sydney, 2 in Perth. With US$113.6bn, BHP Group (US$176bn) was the most valuable company in Australia, followed by Rio Tinto (US$136bn) and Commonwealth Bank (US$127bn). Financial Services led the way with 5 companies, followed by Metals & Mining with 3 companies, and Healthcare with 1. 186-year-old ANZ was the oldest Australian company in the list and at 18 years, Fortescue Metals Group the youngest. The combined value of the ‘kangaroos’ was US$933bn up by 23%.

What about state-controlled companies?

The Hurun Global 500 focuses exclusively on non-state-controlled companies, meaning that state-controlled companies like Saudi Aramco (US$1.9tn) or China’s Kweichow Moutai (US$368bn) were out of contention to make the list.

Only 39 listed state-controlled companies would have made the cut-off, down from 45 last year, of which 27 were from China, 4 from Saudi Arabia, 3 from Russia and 1 from each of France, UAE, Qatar, Norway and India.

Disclaimer. All the data collection and the research has been carried out by Hurun Research. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun. Hurun does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

About Jiaxing

Jiaxing is located in the northeast of Zhejiang Province, bordering Shanghai, Suzhou, Hangzhou and Hangzhou Bay on the east, north, west and south. The city covers 4,223km² of land, 1,523 km² of ocean, and has a permanent population of 5.4 million. According to the latest statistics, Jiaxing ranks 35^th among the top 100 cities of the nation for its comprehensive strength. It ranks 41^st in terms of total GDP, and ranks 20th and 5th by comprehensive fiscal strength nationwide and among prefecture-level cities.

Best-known as the birthplace of the Communist Party of China, Jiaxing is also the cradle of the Majiabang civilization, the forerunner of connecting with Shanghai as well as the whole Yangtze River Delta Region, the permanent location of the World Internet Conference, and the pioneer of balancing urban and rural development. Jiaxing has been carrying out the national strategy of the integrated development of the Yangtze River Delta Region, working in line with building the best “observation window” of China’s socialist system, and painted a picture of a fast-changing, fast-growing, high-quality, all-benefiting city with the “Five Colors of Jiaxing”.

About Jiaxing Economic & Technological Development Zone (International Business Park)

Located in downtown Jiaxing, the Jiaxing Economic & Technological Development Zone is a typical urban economic development zone. It was established in August 1992, among the first batch of provincial-level economic development zones approved by the Government of Zhejiang Province. In March 2010, it was upgraded to national-level by the State Council and has since joined offices with the Jiaxing International Business Park established in January 2010. Today, the Jiaxing Economic & Technological Development Zone (International Business Park) administers an area of 110km².

In recent years, the Jiaxing Economic & Technological Development Zone has seized the opportunity of the Yangtze-Delta Integration Strategy, kept openness to the world, uplifted city quality, perfected urban facilities, and focused on merging industry with living. Over the years, the Jiaxing Economic & Technological Development Zone has successfully nurtured four major industries, namely auto parts, equipment manufacturing, high-end food and electronics, striking a balance between advanced manufacturing, modern service and intelligent technology. It attracts the attention of global investors with its efficient international service and values of “win-win”, legality and integrity. The Jiaxing Economic & Technological Development Zone has introduced a total of 660 foreign-invested enterprises from over 40 countries and regions, including Europe, the United States, South Korea, Japan, Hong Kong and Taiwan. It has 38 “Fortune 500” enterprises, such as Mars and Abbott from the United States, ZF from Germany, LEGO from Denmark, Panasonic from Japan, and Philips from the Netherlands. The Jiaxing Economic & Technological Development Zone has ranked 2nd among all national-level zones in Zhejiang province for seven years in a roll, and has won honorary titles such as "National Investment Value Development Zone", "China's Top 10 Innovation Demonstration Zone for Economic and Business Environment", and "Zhejiang Beautiful Demonstration Park".

About Hurun Inc.  

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai, Sydney

Established in the UK in 1999, Hurun is a research, media and investments group, which generated 8 billion views on the Hurun brand in 2020, up 50% year on year, on the back of providing lists and research reports.

Best-known today for the Hurun Rich List series, ranking the most successful entrepreneurs in China, India and the world, Hurun’s other key properties include the Hurun 500, a ranking of the world’s most valuable companies, and the Hurun Unicorn Index, a comprehensive listing of the world’s start-ups worth US$1bn or more.

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.

Hurun hosted high-profile events in the last year across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

Hurun Report would like to thank Tea Cellar – Jiaxing · Hurun G500 Official Appointed Tea Cellar 2021. Tea Cellar is a new definition of tea cellar of Pu 'er. The project is located in Jingmai, Yunnan province, and the original tea is stored in its original place. By enabling technology, the project reconstructs the industrial trust system, reproduces the time value of Pu 'er tea, and shoulders the future and imagination of the new ecological industry. 

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