THE HURUN RESEARCH INSTITUTE RELEASED THE HURUN CHINA UNDER40S 2023

(6 November 2023, Shanghai) The Hurun Research Institute today released the Hurun China Under40s 2023, a list of China’s most successful entrepreneurs aged 40 and under. This is the first time of the list.

This year, 182 individuals from 171 companies made the list. The average age was 38, with 89% male and 11% female. Software & Services, Healthcare and Industrial Equipment are the top three sources of wealth.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said: “The Hurun China Under40s represent the most successful entrepreneurs of their age group, having set up a business worth around US$100 million or more, or – if they are NextGen – managing sales or investable assets of US$200 million or more.”

“The Under40s are at a relatively mature stage of their career, with just under half of the Hurun China Under40s 2023 running a billion-dollar operation.”

“What these Hurun China Under40s are doing and where they are choosing to start up speaks volumes in terms of which industries have a strong future and which cities have the best start-up ecosystems.”

“Serial entrepreneurs are a new phenomenon. Many of the Hurun China Under40s have previously started a business and either sold it, like Elon Musk did with PayPal, or folded it.”

“Nowadays, the average unicorn has two co-founders, one doing the product, which often requires a high degree of technical aptitude, and one doing the strategy and management.”

“The stories of these young entrepreneurs gives a deep insight into the story of entrepreneurship in China today.  The Hurun China Under40 with the most valuable company is Zhang Yiming of ByteDance. After graduating from Tianjin’s highly regarded Nankai University, Zhang went to work for a company for two years, before starting an online real estate platform. At the age of 30, Zhang then started what is today ByteDance, now the world’s most valuable unicorn.”

The ‘Hurun U-Series’ started in China in 2017 and is now in five countries. This year is the first year of the Hurun Under35s and Hurun Under40s. U30s are at the start-up stage, U35s at the growth stage, and U40s at a relatively mature stage. To become a U30, you have to have co-founded a business with social impact and value of US$10mn, for U35s it is US$50mn and for U40s US$100mn. I hope that our list will encourage more young people to set up their own business, and focus on value creation.”

This is a brief summary of the Chinese-language press release. For the full press release in Chinese, please see www.hurun.net.

By Industry

Geographical Distribution

Enterprise Value

Top 10 Self-made Enterprises by Value

Hurun China Under40s 2023

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand last year, mainly in China and India.

Best-known today for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series is the Hurun Start-up series, ranking the world’s unicorns and future unicorns, as well as giving recognition to young start-up founders.

Hurun has grown to become the world’s largest researcher and list compiler of startups, ranking 4000 startups across the world through its annual Unicorns list (US$1bn+), and two future unicorn lists (Gazelles from US$500mn, and Cheetahs from US$300mn).

For the young start-up founders, Hurun has created the Under30s, Under35s and Under40s awards, representing the cream of young entrepreneurs who have founded businesses with a social impact and worth around US$10mn, US$50mn and US$100mn respectively.

Other lists include the Hurun Global Highschools List, ranking the world’s best independent highschools, the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today, etc…

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

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Grace Liu

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