The Hurun Research Institute today released its 2024 ranking of China's 500 most valuable private companies, showing a 13% increase in total value to $7.8 trillion despite economic challenges. ByteDance made significant gains, overtaking Alibaba for third place with a $225 billion valuation, while Huawei returned to the top 10 with a value of $95 billion. Industrial Products has surpassed Healthcare as the leading sector, reflecting advances in smart manufacturing, while real estate continued its dramatic decline from being the dominant industry five years ago to having just 19 companies on the current list. Beijing remains the top city with 65 companies, followed by Shanghai (50) and Shenzhen (49), with the Yangtze River Delta region hosting 29% of listed companies and the Greater Bay Area accounting for 21%.