is ranked No. 1 with a value of RMB 1.04 trillion, is No. 8 with RMB 140 billion. is No. 2 and is No. 3.

(Image credit: CnEVPost)

The Hurun Research Institute has released a new ranking that shows who are the biggest Chinese private companies in the energy sector.

Power battery giant CATL, valued at RMB 1.04 trillion ($142 billion), is the most valuable private company in China's energy industry, according to the Hurun China Most Valuable Private Energy Companies 2023 ranking released today.

This is the first time Hurun has released the list, where Chinese private companies are defined as non-state-owned enterprises headquartered in China.

New energy vehicle (NEV) maker BYD (OTCMKTS: BYDDY) ranked second on the list, with a value of RMB 700 billion.

Extended-range electric vehicle (EREV) maker Li Auto (NASDAQ: LI) ranked third, with a value of RMB 300 billion.

Battery electric vehicle (BEV) maker Nio (NYSE: NIO) ranked eighth on the list, with a value of RMB 140 billion.

Battery maker Eve Energy ranked No. 9 with a value of RMB 110 billion, while lithium producer Ganfeng Lithium ranked No. 12 with RMB 100 billion.

(NYSE: XPEV) is ranked 15th with a value of RMB 94 billion and is ranked 17th with a value of RMB 90 billion.

The list examines Chinese private companies with an energy-related business that accounts for more than 50 percent of their business, and ranks them by market capitalization or valuation.

For example, BYD's NEVs contribute more than 50 percent of sales, while 's figure is less than 50 percent, so Geely is not on the list, Hurun said.

Among the top 100 private Chinese energy companies, there are 29 battery makers, and CATL is worth as much as the other 28 peers combined, according to Hurun's report.

Twelve companies related to NEVs made the list, including electric vehicles and electric two-wheelers.

Chinese private energy firms worth over RMB 100 billion

RankingFirmValue (RMB billions)Main BusinessMain ProductHeadquarter City
1CATL1,040 BatteryBatteryNingde
2BYD700 New Energy VehicleEVsShenzhen
3Li Auto300 New Energy VehicleEVsBeijing
4LONGi Green Energy210 PhotovoltaicsPhotovoltaic Modules & CellsXi'an
5Formosa Petrochemical170 Energy ChemicalsPetroleum ProductsTaipei
6Sungrow Power Supply160 PhotovoltaicsPhotovoltaic InverterHefei
7Tongwei150 PhotovoltaicsHigh-purity Crystalline SiliconChengdu
8Nio140 New Energy VehicleEVsShanghai
9Eve Energy110 BatteryBatteryHuizhou
9JinkoSolar110 PhotovoltaicsPhotovoltaic ModulesShangrao
9TCL Zhonghuan110 PhotovoltaicsPhotovoltaic WaferTianjin
12Ganfeng Lithium 100 Energy MetalsLithium Battery MaterialsXinyu
12Baofeng Energy100 Energy ChemicalsCoking ProductsYinchuan
Source: Hurun Research Institute

($1 = RMB 7.3273)