HURUN RESEARCH INSTITUTE RELEASES HURUN CHINA NEW ENERGY CITIES 2023

SHENZHEN, SHANGHAI, SUZHOU, BEIJING, AND CHANGZHOU MAKE UP TOP 5 CITIES WITH HIGHEST CONCENTRATION OF NEW ENERGY INDUSTRY IN CHINA

GUANGZHOU, WUHAN, CHENGDU TIANJIN AND HEFEI ROUND OUT TOP 10

CHONGQING, SHENYANG AND BAODING FASTEST RISERS

EAST CHINA HAS MOST CITIES ON LIST, WITH 25, ACCOUNTING FOR HALF OF HURUN TOP 50

JIANGSU, WITH 10 CITIES, IS PROVINCE WITH HIGHEST CONCENTRATION OF NEW ENERGY INDUSTRY. SUZHOU AND CHANGZHOU IN TOP 5

CHANGZHOU RANKED 4^TH, UP ONE PLACE, ONLY SECOND-TIER CHINA CITY IN TOP 10

(19 June 2023, World New Energy Expo, Changzhou) The Hurun Research Institute released the Hurun China New Energy Cities 2023, a list of the Top 50 cities in China with the highest concentration of new energy companies. This is the second year of the list.

Hurun Research ranked the cities based on a combination of three factors: the number of ‘Large New Energy Companies’, defined as listed China-based billion-dollar new energy companies (total 227) and their subsidiaries (total 3000); the number of small and medium-sized new energy companies (total of 20,000+); and the announcements of significant new energy initiatives and investments.

This is a brief translation from the original Chinese-language press release, which can be found on www.hurun.net.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said:

“Shenzhen and Shanghai have obvious advantages, on the one hand, they have the guarantee of strong urban strength, and on the other hand, it is related to the characteristics of their core enterprises. Shenzhen has BYD, Shanghai has Tesla. New energy vehicles are drive the whole industry supply chain, so the contribution of enterprises like Tesla and BYD to each city is far more than just car production. In addition, in the past year, Shenzhen has introduced 12 financial measures to support the high-quality development of the new energy vehicle industry chain. CATL has started a new factory in Shanghai's Lingang district, and Tesla established a new new energy company in Shanghai.”

“East China has most cities on list, with 25, accounting for half of the Top 50. Jiangsu, with 10 cities, is the province with the highest concentration of new energy companies, with both Suzhou and Changzhou making the Top 5.”

“The city of Changzhou is particularly noteworthy. Changzhou ranked 4^th, up one place from last year, and remains the only second-tier city in the top 10. More importantly, Changzhou ranked first in the announcements of significant new energy initiatives and investments, which the city’s potential in this industry.”

“Outside of Jiangsu, Jiangxi and Inner Mongolia are also worth watching.  Jiangxi had only one city on the list last year, but this year it has three. Inner Mongolia, which had no cities on the list last year, has two this year. These two regions have significantly increased their attention and investment in new energy in the past year.”

“Other cities that have risen significantly include Chongqing, Changsha, Shenyang, Baoding and Taizhou. These five cities are located in Southwest, Central, Northeast, North and East of the China, which shows that the development of China's new energy industry is in full swing across China. Chongqing and Shenyang both made the Top 20.”

“Chongqing ranked 13^th, up 11 places. Chongqing has made successive investments in the field of power batteries. At the same time, some large new energy companies have set up subsidiaries in Chongqing in the past year.”

“Shenyang ranked 20^th, up 14 places, mainly on the back of new power battery businesses setting up there.”

“Some cities have dropped significantly, but this does not mean that they have regressed in the field of new energy. It is just that when other cities are in full swing to develop new energy industries, these cities are slower and less active, and the decline in the ranking is actually the result of not moving forward.”

Hurun China New Energy Cities 2023 Top 10

Located in the front of the Pearl River Delta, Shenzhen is a link and bridge between Hong Kong and mainland China. It plays an important role in China's high-tech industry, financial services, foreign trade and export, marine transportation, creative culture and other aspects.

Shanghai is the core city of the Yangtze River Delta integration. China has strategically positioned Shanghai as an international financial, economic, trade and shipping center as well as a global center for scientific and technological innovation.

Suzhou is positioned as a national historical and cultural city and scenic tourist city, a national high-tech industrial base, and one of the important central cities in the Yangtze River Delta city cluster. HSC and Goodwe are headquartered in Suzhou.

Beijing is the center of China's politics, culture, science and technology, information and the center of foreign exchanges.

Changzhou is one of the central cities in the Yangtze River Delta. In the early stage of reform and opening up, Changzhou built an industrial system featuring the ‘Nine Dragons’ and is well-known as among the first ‘rising industrial star’ cities in China.

Distribution by Region

Eastern China has far and away the most cities, accounting for 50% of the Hurun list; Southern China followed, accounting for 16%; Northern China accounted for 14%; Central China and the southwest of China accounted for 6% each. The northwest of China and the northeast of China accounted for 4% each.

Distribution by Province

Jiangsu, Guangdong Shandong and Zhejaing made up the top four. Jiangsu has the most cities on the list with 10, accounting for one-fifth of the list, followed by Guangdong with 7 cities and Shandong and Zhejiang were third with 6 cities each.

Hurun China New Energy Cities 2023

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