On January 13, Hurun Research Institute officially released the list of Hurun China 500 Most Valuable Private Companies 2022 (the "2022 Hurun China 500"). Particularly, Tongwei Co., Ltd. was ranked 36th on the list for its strength in two fields, polysilicon and battery cell, ranking 7 places higher than in 2021, which was a sufficient indication of the continuous and steady development of Tongwei under the complex and changing economic context.

According to the report, the 2022 Hurun China 500 lists the top 500 non-state-owned companies in China, which have been ranked according to their market capitalization or valuation. The total value of the companies on the 2022 Hurun China 500 is RMB 51 trillion, down 23% from 2021 but a 40% increase from three years ago. RMB 51 trillion is equivalent to the total market capitalization of the companies listed on the Shanghai Stock Exchange (SSE). The threshold for making the 2022 Hurun China 500 is RMB 28 billion, down 13% from 2021 but still twice as much as three years ago.

Hurun China 500 Most Valuable Private Companies 2022 (excerpts)

Rupert Hoogewerf, President and Chief Research Officer of Hurun Report China said: "the Hurun China 500 Most Valuable Private Companies are the pillars of China's economy. The three years of the pandemic have seen tremendous changes to the list of Hurun China 500 Most Valuable Private Companies, with 50% of the top 500 Chinese private companies eliminated compared to three years ago. Companies must focus on value creation to be able to stand their ground in the restructuring of the economy and the upgrade of the industry. Compared to the 2019 list, the health care sector has stayed robust, while rapid rise has been seen in the energy and semiconductor sectors."

In terms of new energy companies, the number of PV-related companies is 22 on the Top 500 list, which is the industry with the most number of listed companies. And Tongwei, being one of these 22 companies, is one of the nine companies on the list with a market value of more than RMB 100 billion. This is a sufficient indication that in the context of China's promotion of the new energy industry and the policy background to promote the construction of large PV bases and PV whole-county development promotion, among other policies, have stimulated the rapid development of the industry, and related enterprises have gained more revenues through various ways including technological innovation and market promotion, with enhanced corporate activities.