On February 5, the Hurun Research Institute released the "2025 Hurun China 500," a list ranking the top 500 most valuable non-state-owned enterprises in China based on their enterprise value. For listed companies, the market capitalization was calculated using the closing share price on November 14, 2025, while valuations for non-listed firms were estimated by referencing comparable listed peers or their most recent funding rounds. This marks the seventh consecutive year the institute has published this prestigious ranking.

The threshold for inclusion in the 2025 list increased by 75 billion yuan from the previous year, reaching 340 billion yuan, which represents a significant 28% rise. The combined value of all 500 enterprises surged by 21 trillion yuan, a 38% growth, to an impressive total of 77 trillion yuan. The average enterprise value also saw a substantial increase of 41.5 billion yuan, climbing to 1.53 trillion yuan.

The Hurun Research Institute clarified that the ranking exclusively features non-state-owned enterprises. Consequently, Agricultural Bank of China, the nation's most valuable state-owned listed company with a valuation exceeding 2.8 trillion yuan, does not appear on the list.

Within the banking sector, a total of three financial institutions secured a spot on the list. WeBank was ranked 49th with an estimated enterprise value of 230 billion yuan, though it fell 18 places compared to the previous year. China Minsheng Bank claimed the 68th position with a valuation of 176 billion yuan, dropping 13 spots. The Shanghai Commercial & Savings Bank was ranked 387th with an estimated value of 42 billion yuan, experiencing a significant decline of 95 positions.

The insurance industry was represented by five companies on the list. Ping An Insurance (Group) Company of China, Ltd. held the 7th position with a valuation of 1.05 trillion yuan, moving up one rank from the prior year. AIA Group followed at 11th place with a value of 787 billion yuan, ascending two spots. Taikang Insurance Group was ranked 65th with a valuation of 180 billion yuan, falling 19 places. FWD Group climbed an impressive 146 positions to rank 339th with a value of 46 billion yuan. Sunshine Insurance Group rounded out the group at 421st place with a valuation of 39 billion yuan, rising by two ranks.