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More of China’s top 500 public companies by revenue are reporting net losses in recent months, with a collective loss of 177 billion yuan ($25.8 billion) since the release of last year’s rankings, according to business magazine Fortune China.
Services and food delivery platform Meituan Dianping, a newcomer to the Top 500 list, lost more than all 29 other money-losing companies put together, Fortune China said. Meituan reported a net loss of 115.5 billion yuan since the publication of last year’s list, which only included 10 money-losing companies.
Online video streamer iQiyi, which lost 9.4 billion yuan, and telecommunications giant ZTE, which lost 6.9 billion yuan, were the next biggest money-losers.
State-owned enterprises Sinopec, PetroChina, and China State Construction Engineering Corporation (CSCEC) continued to lead by revenue. Meanwhile, Alibaba, Tencent, and China Mobile retained their positions among the 10 most profitable companies alongside major commercial banks and insurers.
Besides Meituan, other newcomers to the top 500 list include smartphone brand Xiaomi, hot pot restaurant chain Haidilao, and education firm TAL.