Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: The View from China on U.S. Presidential Election Debate Antics
Trending in China: Disneyland Shanghai Hotel Prices Rocket to Over $1,000 a Night
Chinese Bitcoin Mining Machine Maker Ebang Establishes Canadian Subsidiary
Trending in China: Team Effort VS Individualism - What is the Message Behind Box Office Smash Hit Volleyball Movie Leap?
Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng
Watch Out Alipay and WeChat, Trip.com Is Getting Into Online Payments
Search Engine Sogou Joins Exodus of Chinese Firms From Wall Street as Tencent Takes It Private
Huawei Showcases Smart Car Technologies at Beijing Auto Show
Trending in China: A David and Goliath Battle - Students Take on a Chinese Tech Giant and Win
Chinese Drug Manufacturer InventisBio Bags $147m Led by Hillhouse Capital
Profits of Weibo Soar Even as Revenue Falls
Chinese Electric Vehicle Startup Xpeng Receives Investment to Build Production Base in Guangzhou
Video Site Operator Mango Plans to Raise $660 Million to Expand Content Library
Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others
Alibaba’s Ant Group Launches Blockchain-Based Platform to Streamline Cross-Border Trade
Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability

By Ding Yi / Aug 11, 2020 05:16 PM / Business & Tech

Photo: VCG

Photo: VCG

For the first time, more Chinese mainland enterprises have made it onto Fortune magazine’s list of the world’s top 500 companies than those from the U.S.

A total of 124 enterprises from the Chinese mainland and Hong Kong were ranked among the world’s biggest companies by revenue this year, eclipsing the U.S. which saw 121 firms on the list, according to the Fortune Global 500 list released on Monday. Adding in Taiwan’s companies, the total number for Greater China companies jumped to 133, compared with 129 last year.

“There were precisely zero Global 500 companies based in mainland China in 1990 when we began our survey. Today there are more giant for-profit enterprises there than anywhere else on earth,” Fortune Editor-in-Chief Cliff Leaf wrote in astonishment about the ascent of Chinese companies.

Three state-owned Chinese enterprises — Sinopec Group, State Grid and China National Petroleum — were among the world’s top five companies this year, with U.S. retailer Walmart retaining the top spot for a seventh straight year. Royal Dutch Shell took fifth place.

The 124 Chinese companies achieved an average revenue of $66.9 billion, almost flat from last year. However, they underperformed in terms of profitability as reflected in the fact that the listed Chinese companies’ average profit stood at $3.6 billion, nearly half of the average profit registered by the U.S. companies on the list, Wang Zhile, an editor of the Fortune Global 500 list, wrote in an article.

Contact reporter Ding Yi (dingyi@caixin.com)

Related: China Home to Six of the World’s Top 10 Unicorns, Hurun Report Says


Share this article
Open WeChat and scan the QR code