A total of 40 private enterprises in Shenzhen have made it onto the Top 100 List released by Guangdong Federation of Industry and Commerce.
The list was made based on the revenues and financial reports of Guangdong enterprises in the year 2017, which were strictly audited by the relevant accounting agencies.
The report shows that nine enterprises in Guangdong each raked in more than 100 billion yuan (US$14.39 billion) in revenue in 2017, equal to the number in 2016.
The number of enterprises with more than 10 billion yuan in annual revenue reached 84, an increase of 14 from the previous year. Sixty of them have been listed on China’s Top 500 Private Enterprises List.
Shenzhen, Guangzhou, Foshan and Dongguan are the top cities with the highest number of private enterprises. Shenzhen ranks No. 1 with 40 enterprises and is followed by Guangzhou with 23, Foshan with 14 and Dongguan with 5.
Among the enterprises on the Top 100 List, 44 enterprises are engaged in manufacturing, 12 in wholesale and retail businesses and 11 are in the property development industry.
The others cover business services, architecture, software and information technology services, agriculture product processing and Internet-related services.
Huawei, Amer, Evergrande, Vanke, Midea, Country Garden, Cedar, TCL, BYD and Sunshine Insurance make up the top 10, the list shows.
The rise and prominence of private enterprises in Shenzhen can be credited to its market mechanism, complete industrial chain and complementary industries, as well as the city’s spirit of inclusiveness and rule-of-law, according to Shi Qing, secretary general of Shenzhen Chamber of Commerce.