8 SZ firms on Fortune Global 500 List

Writer: Han Ximin  |  Editor: Stephanie Yang  |  From: Shenzhen Daily  |  Updated: 2020-08-12

A total of eight Shenzhen-based companies were included on the Fortune Global 500 List 2020, Shenzhen Special Zone Daily reported yesterday.

The eight companies are Ping An (21st), Huawei (49th), Amer International Group (91st), Evergrande Group (152nd), China Merchants Bank (189th), Tencent (197th), Vanke (208th) and Shenzhen Investment and Holdings Co. Ltd. (442nd), according to the list.

It was the first time for Shenzhen Investment and Holdings Co. Ltd. to be added to the list. Of the eight businesses, the rankings of five rose compared with those in 2019. Ping An rose by eight places and Huawei by 12 places. Tencent and Vanke rose by 40 and 46 places, respectively.

For the first time, there were more companies based on the mainland and Hong Kong than in the U.S. featured in the ranking — 124 vs. 121. If Taiwan enterprises are included, there are 133 enterprises from China to have made the list.

Walmart has taken the leading place for seven straight years. Three Chinese companies, namely Sinopec Group, State Grid and China National Petroleum Corp., ranked No. 2, No. 3 and No. 4, respectively.

In profitability, 11 Chinese enterprises, including three from Shenzhen, were listed among the 50 most profitable enterprises.

Ping An, which focuses on three core financial businesses of insurance, banking and investment, was the first company in Shenzhen to be included on the Fortune Global 500 List. Its profit in 2019 was US$21.62 billion. The profit of Tencent was US$13.5 billion, followed by China Merchants Bank at US$13.4 billion.

The revenue of Ping An, Huawei and Tencent, also called HAT, reached US$355.8 billion in 2019.

It was the 26th year for Fortune magazine to release its Global 500 List to give a yearly look into the state of global business based on revenue.

The revenue of the 500 enterprises on the list reached US$33 trillion, a new record high. The minimum sales income required to enter the list also increased from 24.8 billion yuan to 25.4 billion yuan.