Eight companies from Shenzhen have made it into the top 100 of the latest China 500 companies list released by business magazine Fortune, Shenzhen Special Zone Daily reported.
The eight companies are Ping An (9th), Huawei (33rd), Amer (38th), Tencent (45th), Vanke (56th), China Merchants Bank (58th), BYD (66th) and China Electronics Corp. (74th). A total of 37 Shenzhen companies were among the 500 companies, the list shows.
The total revenue and net profits of the Fortune China 500 companies hit US$15 trillion and US$717.1 billion, respectively, in 2022.
State Grid generated US$530 billion in revenue, ranking first on the list, followed by China National Petroleum and Sinopec Group with revenues of US$483 billion and US$471.15 billion, respectively.
Ping An Insurance (Group) Company of China, Ltd. ranked ninth with a revenue of US$181.56 billion, the same ranking as last year.
Other Shenzhen companies in the Fortune China 500 list include SF Express, Shenzhen Investment Holdings Co. Ltd., China International Marine Containers (Group) Co. Ltd., ZTE, Gemdale, Digital China, China General Nuclear Power Corp., Overseas Chinese Town Holdings Co., WeBank, Sunwoda and Transsion.
Leading companies in the new energy field saw significant revenue growth compared to the previous year. BYD’s revenue surged by 92% to US$63 billion, and its net profit attributable to the parent company increased more than four times year on year to US$2.4 billion.
The top three profitable companies are the Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, with profits at US$53.59 billion, US$48.15 billion and US$38.52 billion, respectively.
Tencent is among the top 10 profitable companies in China. Although the company’s net profit decreased by 19% compared to the previous year, it still ranked sixth on the profit list with a net profit of over US$27.9 billion.
In terms of net profit margin, Shenzhen enterprises Tencent, Mindray and China Merchants Bank are included in the list of the 40 companies with the highest net profit margin, which stood at 33.95%, 31.64% and 28.37%, respectively.