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.

Let's take a look at the top 10.

No 10 (tie) Cambricon

Value: 22 billion yuan ($3.11 billion)

A Cambricon chip is displayed. [Photo/ Cambricon]

No 10 (tie) Horizon Robotics

Value: 22 billion yuan

A processor developed by Horizon Robotics is seen. [Photo/ Horizon Robotics]

No 9 Amlogic

Value: 23 billion yuan

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.

No 8 Rockchip Electronics

Value: 25 billion yuan

No 7 Bitmain

Value: 30 billion yuan

Products are featured on a screenshot of Bitmain's website. [Photo/Bitmain]

No 6 Sg Micro

Value: 34 billion yuan

People visit Sg Micro's booth during an exhibition in Shenzhen, December 2018. [Photo/ Sg Micro]

No 5 Ingenic Semiconductor

Value: 41 billion yuan

No 4 Maxscend Microelectronics

Value: 55 billion yuan

No 3 Gigadevice Semiconductor

Value: 87 billion yuan

No 2 Goodix Technology

Value: 99 billion yuan

No 1 Will Semiconductor

Value: 159 billion yuan