Tencent ranked first on the list of top 500 Chinese listed companies by market value in 2020, the 21st Century Business Herald reported on Tuesday.

With a worth of 4.55 trillion yuan ($704.17 billion), Tencent had the highest market value among all Chinese listed companies, followed by Alibaba with its market value of 4.2 trillion yuan.

Replacing the Industrial and Commercial Bank of China, Taiwan Semiconductor Manufacturing Company took the third spot on the list.

Meituan and Pinduoduo also joined the club of companies with market value surpassing 1 trillion yuan.

With a respective increase of 14 and 41 spots, JD.com and Xiaomi paved their way to top 20 on the list, according to the report.

Among the top 500 Chinese listed companies, 56 are in the pharmaceutical and biological industry, 50 are in the electronic industry and 40 are in the information technology industry.

As the base of State-owned and internet companies, Beijing is headquarters to 96 companies on the list with a total market value of 23.21 trillion yuan.

About 78 listed companies in South China's Guangdong province were included on the list by the end of last year, with 14 newcomers compared with the previous year.

The threshold to be listed in the top 500 Chinese listed companies was 44.59 billion yuan, up 11.9 billion yuan from the previous year.

By Jan 3, about 7,742 Chinese companies had been listed on 15 major global bourses in Shanghai, Shenzhen, Hong Kong and New York. Their total market value reached 136.59 trillion yuan, up 29 percent year-on-year, according to the 21 Data Journalism Lab.