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Xiaomi, Other Chinese Firms Debut on Fortune Global 500 List

By Tianyu M. Fang / Jul 22, 2019 04:40 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Chinese smartphone manufacturer Xiaomi is now officially a Fortune Global 500 company, according to the latest list of the world’s highest grossing companies released Monday.

With revenues of almost $26.5 billion in the last fiscal year — a 56% increase from the year before — Xiaomi sits at number 468 on the list, which is compiled and published annually by Fortune magazine.

Xiaomi joins a number of other Chinese tech companies on the list. Embattled telecoms company Huawei placed 61st, while e-commerce giants and Alibaba came 139th and 182nd, respectively.

Beijing-headquartered Lenovo ranked at No. 212, while Tencent — the creator of China’s all-purpose mobile app WeChat — is at No. 237.

China’s state-owned petroleum behemoth Sinopec Group was the country’s highest entry, placing second behind American retail giant Walmart after increasing revenues by 26.8% to $415 billion. Another state-owned enterprise, the State Grid Corporation of China, came fifth, down from runner-up last year.

Other notable Chinese newcomers to the list include the China Development Bank, rolling-stock manufacturer CRRC Group, Gree Electric, and Huaxia Life Insurance, among others.

A previous version of this article mistakenly attributed the compilation of the Fortune Global 500 list to Forbes magazine.

Related: Xiaomi Beats Forecasts With 27% Revenue Jump in First Quarter

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