In “2019 Hurun China Top 500 Private Enterprises” by Hurun Research Institute on 9 January, Alibaba, Tencent and Ping’an Insurance have become the top three most valuable private enterprises with a market value of 3.8 trillion, 2.9 trillion and 1.5 trillion respectively. Hangzhou ranks the 4th with 30 such firms, only behind Beijing, Shanghai, and Shenzhen.