excluding state-owned companies; refer to the 500 most valuable companies based on sales revenue
Supplementary notes
One yuan equals approximately 0.15 U.S. dollars and 0.13 euros (as of July 2026).
The market values of listed companies were based on the closing prices on November 15, 2024, and November 14, 2025. For the valuation of private companies, market values of other companies from the same industry or the latest M&A data were included in the estimations. The market value loss is the difference comparing the market values in 2024 and 2025.
Citation formats
Leading Chinese non-state owned companies suffering from market value loss in 2025
Meituan's market value evaporated about *** billion yuan, as measured in November 2025 in comparison with the year prior. Shein and Mindray were other notable Chinese private companies with heavy losses during the past year.
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Hurun Research Institute. (February 5, 2026). Market value evaporation of 500 most valuable Chinese non-state owned companies in 2025 (in billion yuan) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 03, 2026, from /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/
Hurun Research Institute. "Market value evaporation of 500 most valuable Chinese non-state owned companies in 2025 (in billion yuan)." Chart. February 5, 2026. ÌÇÐÄÆƽâ°æ. Accessed August 03, 2026. /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/
Hurun Research Institute. (2026). Market value evaporation of 500 most valuable Chinese non-state owned companies in 2025 (in billion yuan). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 03, 2026. /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/
Hurun Research Institute. "Market Value Evaporation of 500 Most Valuable Chinese Non-state Owned Companies in 2025 (in Billion Yuan)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 5 Feb 2026, /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/
Hurun Research Institute, Market value evaporation of 500 most valuable Chinese non-state owned companies in 2025 (in billion yuan) ÌÇÐÄÆƽâ°æ, /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/ (last visited August 03, 2026)
Market value evaporation of 500 most valuable Chinese non-state owned companies in 2025 (in billion yuan) [Graph], Hurun Research Institute, February 5, 2026. [Online]. Available: /statistics/1290553/china-biggest-losers-among-most-valuable-chinese-private-companies-during-covid-19/
