The Hurun Research Institute released the Hurun China Most Valuable Chip Design Companies 2020 list in mid-June, listing China's top 10 local chip design private companies, ranked by market capitalization or valuation as of May 31 or the latest round of financing valuation.

The report excluded companies that didn't take chip design as their main business from the list, such as Baidu, Alibaba and Tencent, and did not include subsidiaries of large companies, such as Huawei Holdings HiSilicon.

Hurun said Chinese chip companies tend to be more asset-light models and still have a lot of room for growth in the 5G era.

Let's take a look at the top 10.