Huawei Technologies outranks Midea, Foshan Haitian, BYD as China’s most valuable consumer goods company in new Top 100 Hurun list

Privately owned Huawei’s worth is assessed at 1.1 trillion yuan (US$169 billion) in Hurun’s Top 100 Most Valuable Consumer Goods Companies 2021

Firms based in southern Guangdong province, such as Midea Group, Foshan Haitian Flavoring and carmaker BYD, sit atop the inaugural list

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Published: 5:24pm, 23 Mar 2021Updated: 5:24pm, 23 Mar 2021

Huawei Technologies has been recognised as China’s most valuable consumer goods company with an estimated market value of 1.1 trillion yuan (US$169 billion) as the nation’s manufacturing revolution produced industry world-beaters.

The telecommunications group surpassed 99 others in the inaugural “Shu Yun Hurun China Top 100 Most Valuable Consumer Goods Companies”, researcher Hurun Group said on Tuesday. The valuation is derived from benchmarks used in assessing listed peers as of March 9, or using data from most-recent financing rounds, it added.

At US$169 billion, the Shenzhen-based privately-owned group would be the 57th largest by market capitalisation globally, according to a separate Hurun ranking of global companies.

“Through this list, [we] can see the successful transformation and upgrading of China’s manufacturing industry,” said Rupert Hoogewerf, chairman and chief research officer at Hurun. “Many companies on the list have become benchmark enterprises of China’s advanced manufacturing.”

Huawei Technologies CFO Meng Wanzhou arrives at court in Vancouver, Canada, on March 1, 2021. Photo: Reuters

The firm, whose chief financial officer Meng Wanzhou is fighting an extradition to the US in a Canadian court, is held up as a national champion in the face of US sanctions and rejection in Europe while it seeks to expand its 5G technology footprint in competition with Western rivals.