Tencent has become the most valuable private company in China, with a value hitting 4.98 trillion yuan ($743 billion) in 2020, a surge of 2 trillion yuan from a year earlier, according to Hurun's latest report.

The business magazine said the latest list of China's 500 most valuable private companies created a record high in the average value, with the figure reaching 110 billion yuan, a jump of 55 percent year-on-year. The threshold to the 500 companies was 23 billion yuan this year, increasing 9 billion yuan from last year.

This year, the healthcare industry saw apparent growth, surpassing advanced manufacturing and real estate to become the No 1 industry for the Hurun China 500, with 93 companies in the healthcare industry ranked in the list, accounting for 18 percent. Moreover, e-cars, entertainment and education are the three industries with the fastest growth this year, said the Hurun report.

Half of the 500 companies are located in Beijing, Shanghai, Shenzhen and Hangzhou. Beijing took the first spot in terms of number of companies, with 93 on the Hurun China 500.

Now, let's take a look at the top 10 most valuable private companies in China.