TSMC Surpasses Tencent as Highest Value Company in Asia, as Top Chinese Firms Drop From Global 500 Ranking

China has 32 companies on Hurun’s global 500 list while the United States has 260

A man walks past the Beijing Stock Exchange on its first day of trading in Beijing on November 15, 2021. (Photo by WANG Zhao / AFP) Photo by WANG ZHAO/AFP via Getty Images

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.