Ten Shenzhen companies secured spots on the 2024 Fortune Global 500 list, which was unveiled yesterday. The list ranks the world's largest corporations based on their revenue for the 2023 fiscal year.
The 10 companies are China Ping An (53rd), Huawei Technologies (103rd), Tencent (141st), BYD (143rd), China Merchants Bank (179th), Vanke (206th), Shenzhen Investment Holdings (370th), SF Express (415th), China Electronics (435th), and Luxshare Precision (488th).
BYD made its first appearance on the list in 2022, ranking 436th. Leaping to 212th place in 2023, BYD made the most significant ranking improvement of any Chinese company that year. This year, BYD advanced another 69 places to 143rd, with revenue increasing from US$63 billion in 2022 to US$85.1 billion in 2023.
In 2023, BYD sold over 3.02 million new energy vehicles (NEVs), which made it the world's leading NEV company and the first Chinese automaker to rank among the world's top 10 car sellers. In the first half of this year, BYD sold 1.613 million NEVs, a year-on-year increase of 28.46%. With the completion of its factory in Thailand, BYD became the world's first automaker to have produced 8 million NEVs on July 4.
In addition, Luxshare Precision has been listed on the Fortune Global 500 list for two consecutive years.
A total of 22 companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) made the list this year. Apart from the 10 Shenzhen firms, six are based in Guangzhou, five in Hong Kong, one in Dongguan, and one in Foshan.
China Ping An ranked first among GBA companies. Guangzhou's automotive manufacturer GAC and Foshan's home appliance leader Midea rank 181st and 277th, respectively.
The combined revenue of all companies on the 2024 Fortune Global 500 list was approximately US$41 trillion (for 2023), which is equivalent to about one-third of the world's GDP and a slight increase of about 0.1% from the previous year. Among the top 10 companies in terms of profits, three are from China. They are the Industrial and Commercial Bank of China, the China Construction Bank, and the Agricultural Bank of China.
A total of 33 high-tech firms entered the list. Huawei remains the bellwether among Chinese high-tech companies on the list in terms of operating profit margins, with sales approaching US$100 billion this year and profits estimated at US$12.3 billion.