China retains its second place among the latest version of Global 500 companies, followed by Japan and the UK, according to 2023 Hurun Global 500 Report released on Wednesday.
A total of 33 Chinese companies made to the list, led by Taiwan-based TSMC, Tencent and Alibaba, according to the report.
The report revealed that China is home to 6.6% of the top 500 companies with 33 entries, led by TSMC worth 3.7 trillion yuan ($512 billion), and Tencent worth 2.8 trillion yuan ($393 billion).
And, 244 non-China multinational companies have set up branch offices in China, with 63% headquartered in Shanghai, followed by 27% in Beijing, which shows that multinational corporations are positive about China's market performance and growth potential, analysts said.
Shanghai-based e-commerce platform Pinduoduo moved up 147 slots to arrive at 63, on the back of stronger than expected sales in domestic market and a successful launch into the US market, the report said.
About one third of the Hurun Global 500 of five years ago have dropped off the list. The worst performer was Alibaba, down by $300 billion in market valuation, according to Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
