Sinopec, China National Petroleum Corporation top list
Sinopec, China National Petroleum Corporation and China State Construction International Holdings were ranked as the top three enterprises on the 2017 Fortune China Top 500 list
Sinopec, China National Petroleum Corporation and China State Construction Engineering Corporation were ranked as the top three enterprises in Fortune China’s Top 500 list on Monday.
The list was compiled by both Fortune China and the Wealth Management Department of China International Capital Corporation Limited. Coverage includes all Chinese companies listed in China and abroad, based on the overall performance and achievements of the companies in the past year.
According to the report, China’s top 500 enterprises generated 33.54 trillion yuan (US$4.99 trillion) in revenue and 2.8 trillion yuan in net profits in 2016. The figures rose 9% and 2.2% respectively from the pervious year.
Revenue from Sinopec and China National Petroleum alone accounted for more than one tenth of the top 500’s total annual revenue, it said.
56 enterprises from the real estate sector made to the top 500 list, accounting for more than 10% of the listed enterprises. Others were mainly involved in metal, equipment manufacturing and retail sectors.
New enterprises that hit the list for the first time includes real estate company Greenland Group and China’s courier network S.F. Express.
When breaking down to the most profitable enterprises, banks still top the list. The Industrial and Commercial Bank of China recorded net profit of 278.25 billion yuan in 2016, up 0.4% from the previous year.
Tech giants Tencent and Alibaba were the two private companies to appear on the top 40 most profitable list, ranking around top 15, the report said.