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China tech

ByteDance valuation soars despite China tech woes

Most in Hurun Global 500 rise in net worth while Alibaba leads declines

ByteDance, the parent of TikTok and Chinese sister app Douyin, posted the second-highest gains of the Hurun Global 500, with its valuation rising 168% to $280 billion.   © Reuters

SHANGHAI -- Valuations for ByteDance and Huawei Technologies have held up or even risen this year while the shares of many listed Chinese technology companies have tumbled amid Beijing's widening crackdown on the sector, according to a new ranking of the world's largest private sector companies.

The Hurun Research Institute in Shanghai said valuations for the world's 500 top private sector companies rose 17% to $58 trillion between Dec. 1, 2020 and July 15, with 428 making gains.

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