Top Chinese companies have tumbled in market cap, with 12 firms dropping out of the 2022 Hurun Global 500, a list of the 500 most-valued, non-state-owned firms in the world.
According to the 2022 report released by the Shanghai-based Hurun Research Institute on Dec. 9, the United States leads the world with a total of 260 companies on the list, a 17 percent increase.
China ranks second with 32 companies on the list, 12 fewer than in 2021, the steepest fall since 2020.
Meanwhile, Taiwan’s three companies—Taiwan Semiconductor Manufacturing Co. (TSMC), Foxconn, and MediaTek—remain on the list, with TSMC surpassing China’s Tencent Holdings to become the highest-value company in Asia….