Ningbo companies stand strong in Hurun China 500

The Hurun Research Institute published the "2024 Hurun China 500" on Feb 25, ranking China's top non-State-owned enterprises by value.

Beijing leads the list with 65 companies, followed by Shanghai, Shenzhen, and Taipei.

Ningbo remains in the 10th position with 11 companies, the same number as last year. This is a testament to the strength of Ningbo's private economy, which boasts companies like Goneo Group, Tuopu Group, and Shenzhou International.

Leading Ningbo's entrants is Goneo Group, ranked 108th with a market value of 96 billion yuan ($13.22 billion). The company, a leader in the electrical products industry, has made the list six years in a row, with its smart sockets and charging stations holding the largest market share in China.

Tuopu Group, ranked 125th with a market value of 86.5 billion yuan, climbed nine spots and is now actively exploring the humanoid robot sector.

Shenzhou International, despite a 35-percent decline in market value due to weak global textile demand, remains one of Ningbo's top three companies, ranked 134th with a market value of 78 billion yuan.

Deye Technology, a leading manufacturer of home appliance components, is the fastest-growing Ningbo company, with its market value increasing 87.7 percent to 61 billion yuan.

Sanxing Medical Electric made its debut on the list, ranking 278th with a market value of 44.5 billion yuan. Its smart meter and medical equipment businesses have experienced significant growth.

Ningbo is home to many companies involved in electrical and electronic products, automotive parts, and textiles and apparel. The city is currently working to transition towards smart manufacturing and new energy.