Top 100 U.S. companies operating in the Chinese market achieved total revenue of USD362.2 billion in 2025, up 1.2% year-on-year, as China became the second-largest global revenue market for approximately half of those enterprises, according to the “Hurun Top 100 U.S. Enterprises in China 2026” survey by the Hurun Research Institute. The survey stressed that the U.S. business community is no longer content with merely gaining access to the market, but is increasingly focused on deepening commercial cooperation. “The Chinese market accounts for 12% of the revenues generated by the top 100 U.S. companies in Hurun’s list. Six of these companies derived more than 50% of their revenues from the Chinese market," Rupert Hoogewerf, Chairperson and Chief Researcher of Hurun, said, underscoring the “ongoing strategic importance of the Chinese market to the U.S. businesses.”
U.S. semiconductor companies accounted for the biggest number on the list, occupying six of the top 10 spots. Qualcomm, Nvidia, Intel, and Broadcom each generated more than USD10 billion in revenue in China, according to the survey. Apple generated revenues of USD64.4 billion in China last year, and it has 200 core suppliers, more than 70% of which have factories in the Chinese mainland. “Its supply chain is deeply integrated into China's manufacturing ecosystem, and China serves as its most important production base and growth engine,” the survey noted. In the most recent Hurun Largest Foreign Companies in China survey, there were more companies from the U.S. than any other country, followed by Japanese and German companies. “This survey is objective, as many U.S. companies operating in China keep generating profits. This also shows the resilience and vitality of the Chinese economy as well as the attractiveness of the ultra-large Chinese market," Huo Jianguo, Vice Chairperson of the China Society for World Trade Organization Studies in Beijing, told the Global Times.
The Chinese market remains an important component of the global strategies of many U.S. firms, Jeffrey Lehman, Chairperson of the American Chamber of Commerce in Shanghai, told the Global Times in a recent interview, calling for a stable U.S.-China relationship that benefits the whole world, the Global Times reports.
The South China Morning Post added that 26 U.S. semiconductor firms, from Qualcomm to Nvidia, saw their China revenue climb by an average of 20% last year, despite trade tensions. Out of the top 10 earners last year, chip giants secured six slots – Qualcomm, Nvidia, Intel, Broadcom, Applied Materials and Advanced Micro Devices (AMD), with four of them reporting year-on-year revenue gains from China. Furthermore, Western Digital, Analog Devices (ADI) and AMD led the expansion with year-on-year growth rates of 43%, 34% and 24%, respectively. The three ranked 33rd, 30th and 10th, according to Hurun’s list. The strong momentum underscores “the robust market demand for AI computing power, high-end chips, and the semiconductor industry chain in China”, said Rupert Hoogewerf. But five of the six giants fell in their Hurun list ranking, with Qualcomm falling from second to fifth despite a 14% rally in its Chinese revenue last year. Nvidia, Intel, Broadcom and Applied Materials all dropped one notch to occupy sixth to ninth place in the 2026 edition, while AMD was in 10th place. The total revenue of the top 100 companies in the Chinese market, exceeded the USD202 billion trade deficit with China.
