Tencent has become the most valuable private company in China, according to the Hurun China 500 Most Valuable Private Companies list for 2021.

Semi-conductor giant TSMC ranked second with a value of $577 billion, following Tencent with a valuation of $609 billion.

Alibaba halved in value, dropping down one place to third, while ByteDance's value tripled last year, rising five places to fourth.

Let's take a look at the top 10 most valuable private companies in China, according to the list, which ranks the top 500 non-state-controlled enterprises in China on value.