Thirty-five Chinese companies are listed on the Hurun Global 500 for 2022, 12 fewer than last year, a report conducted by Hurun Research Institute shows. Last year’s highest-ranking Chinese firm, tech giant Tencent, has fallen 20 places on the list and has been surpassed by Taiwanese chipmaker TSMC, with the latter being valued at RMB 2.3 trillion ($328 billion). The report states that the value of China’s top companies has fallen by more than 50% in the past year amid a weak economy and the country’s crackdown on the tech sector, with Alibaba, Xiaomi, and Tencent down 71%, 67%, and 62% respectively. Chinese companies who made the 2021 ranking but failed to make this year’s list include short video platform Kuaishou, ride-hailing company DiDi, pharmaceutical firm WuXi Biologics, and EV startup Nio. Ranking 184 last year, Kuaishou lost nearly four times its value in 2022. The report also pointed out that the value of 340 companies around the world declined or remained unchanged from last year, though Apple still retained the top spot with a valuation of $2,366 billion. [Hurun, in Chinese]