Huawei tops Hurun as China's most valuable consumer goods company

China's telecommunications giant Huawei was listed as the most valuable consumer goods company in China, according to a report released by Hurun. 

According to the Hurun report, Huawei was valued at 1.1 trillion yuan ($168.96 billion), based on the company's market valuation ending on March 9, 2021.

Although Huawei is best known for 5G technology, most of its revenue still comes from sales of consumer goods, according to the report. Huawei is hailed by the report as the company "with the most successful transformation in China" and the most successful privately-owned company in consumer sector, despite its recent challenges from chip shortages. 

"Through this list of the top 100 consumer companies, we can see the successful transformation and upgrading of China's manufacturing industry. Many companies on the list have become the benchmark enterprises of China's advanced manufacturing," said the report. 

Following Huawei are Midea, China's house appliances manufacturer, with around 580 billion yuan of valuation, and Haitian Flavouring Company, a condiment company. China's new energy vehicle maker, BYD, was ranked fourth with 490 billion yuan of valuation. 

More than half of the top 100 companies in the list operate within the mobile phone, auto and home appliances sectors. 

In terms of geographic locations, companies based in South China's Guangdong Province take up more than one third of the list, including the top four companies.