China's top 10 most valuable private companies in 2021

Tencent has become the most valuable private company in China, according to the Hurun China 500 Most Valuable Private Companies list for 2021.

Semi-conductor giant TSMC ranked second with a value of $577 billion, following Tencent with a valuation of $609 billion.

Alibaba halved in value, dropping down one place to third, while ByteDance's value tripled last year, rising five places to fourth.

Let's take a look at the top 10 most valuable private companies in China, according to the list, which ranks the top 500 non-state-controlled enterprises in China on value.