Revenues of top 100 U.S. enterprises operating in China rose 1.2% year on year in 2025, according to a report published by the Hurun Research Institute on Monday.
The companies generated total revenue of $362.2 billion last year, representing a trade deficit of over $202 billion.
The top six U.S. companies by revenue in China are Apple, Tesla, Qualcomm, Nvidia, Micron Technology, and Coherent. Their combined revenue in the country amounted to $130 billion.
China accounts for 12% of the revenues generated by these American companies, contributing as much as $2.3 trillion to their market capitalization.
"From a corporate value perspective, the total market capitalization of these 100 U.S. companies are $19 trillion," said Hurun chairman and chief researcher Rupert Hoogewerf. "Based on a revenue contribution rate of 12%, the Chinese market's contribution to the market capitalization of these 100 U.S. companies amount to as much as $2.3 trillion, up 400 billion since last year."