Consumer firms plunge in value as AI, chips ascend Hurun's China 500 ranking
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Taiwan Semiconductor Manufacturing Company (TSMC) topped the consultant's 2024 list – which covers mainland China, Taiwan, Hong Kong and Macau – for the fourth year. The chipmaker's market value increased 88 per cent from a year earlier to US$965 billion as of November 15, according to the ranking, released on Tuesday.
'This year, industries on the up were industrial products, semiconductors and software services, reflecting advances in smart manufacturing and the digital economy,' said Rupert Hoogewerf, Hurun's chairman and chief researcher. Consumer goods and healthcare, particularly medical services, plunged, he added.
The number of consumer goods companies in the list fell by seven, while the population of healthcare companies shrank by 12.
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'[That reflects] the challenges of intensified market competition, industry restructuring and changes in the external environment,' Hoogewerf said.
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