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Chinese private corporate giants rocket in value despite Covid-19 pandemic

Added 11-28-20 08:37:04am EST - “Chinese private corporate giants rocket in value despite Covid-19 pandemic” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “Chinese private corporate giants rocket in value despite Covid-19 pandemic”. Below is an excerpt from the article.

The average value of the country's top 500 private enterprises increased by 55 percent to a record $16.5 billion (108 billion yuan) year-on-year, according to a report released by the institute earlier this week.

China's five biggest technology titans – Tencent, Alibaba Group, Meituan-Dianping, Pinduoduo and JD.com – benefitted from a global stock market rally as the pandemic started receding in the country earlier this year. Each firm added over $100 billion in value over the year.

"The main reasons for the rapid increase were the rise of the new economy, especially after the pandemic, a sharp rise in the stock markets and a flurry of new listings," said Rupert Hoogewerf, chairman and chief researcher at Hurun.

Since the outbreak of Covid-19, investors have been piling into technology and pharmaceutical stocks globally, seeking growth and certainty. The stocks were also pushed by unprecedented liquidity created by central banks.

Social media and online games operator Tencent, valued at $743 billion, outpaced e-commerce holding Alibaba's market value of $713 billion to become the most valuable Chinese company. Online food delivery services provider Meituan became the third-biggest private firm in the country with a market cap of $243 billion. Ping An Insurance ($221 billion) and Ant Group ($209 billion) rounded off the top five.

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