More than a third of companies fail to present in the second edition of the list
China enterprises evaluation association (CEEA) released the 2021 New Economy Top 500 on July 25, with tech conglomerate Tencent (0700:HK;) garnering the crown.
E-commerce giant Alibaba (9988:HK; BABA:NYSE) and TikTok's owner ByteDance ranked second and third respectively.
Beijing owned most of the new economy firms in 2021, with 102 companies on the list, followed by Guangdong province, Shanghai and Zhejiang province with 98 companies, 67 companies and 61 companies accordingly.
In terms of industry involved, there were 314 advanced manufacturing enterprises, up 10% YoY. Private-owned enterprises still hold an absolute advantage over the number of state-owned enterprises, accounting for over 84%.
The New Economy Top 500 companies generally continued to grow their annual revenues at an average rate of 44%, lowering by 35 percentage points compared with the figure of last year (79%).
Other companies on the list included Huawei (No.4), JD.com (No.6), PDD (No.7), KE Holdings (No.25), Bilibili (No.36) and Roborock (No.96).