Eight local firms move up on Fortune Global 500 list

Writer: Zhang Yu  |  Editor: Stephanie Yang  |  From: Shenzhen Daily  |  Updated: 2022-05-13

Eight Shenzhen-based enterprises have all seen their ranking move up on this year’s Fortune Global 500 list released Monday, Shenzhen Special Zone Daily reported.

The eight Shenzhen firms that made it onto the list of the world’s top 500 enterprises measured by revenue are: Ping An Insurance (16th), Huawei (44th), Amer International Group (68th), Evergrande (122nd), Tencent (132nd), Vanke (160th), China Merchants Bank (162nd), and Shenzhen Investment Holdings Co. Ltd. (396th).

Tencent, Vanke and Shenzhen Investment Holdings Co. Ltd. have witnessed a strong rising momentum, up 65, 48 and 46 places, respectively. Shenzhen Investment Holdings Co. Ltd. debuted on the Fortune Global 500 list last year.

Evergrande, China Merchants Bank and Amer International Group climbed up 30, 27 and 23 places, respectively, while Ping An Insurance and Huawei each edged up five places.

The total operating revenue of the world’s top 500 enterprises, affected by the COVID-19 pandemic, is approximately US$31.7 trillion this year, down 5 percent from the previous year, which is equivalent to a third of the world’s GDP in 2020.

Meanwhile, the threshold for entering the list has fallen from US$25.4 billion to US$24 billion.

Walmart topped the list for the eighth consecutive year. China’s State Grid climbed to the second place on the list this year, followed by Amazon and China National Petroleum.

A total of 143 Chinese companies have made it onto the list this year, with China topping the ranking for a second consecutive year. The United States has 122 firms on the list.

Thirteen Chinese enterprises are among the 50 most profitable companies on the Fortune Global 500 list, including four from Shenzhen – Tencent (US$23.16 billion), Ping An Insurance (US$20.73 billion), China Merchants Bank (US$14.1 billion) and Huawei (US$9.36 billion).

Apple topped the list with a profit of US$57.4 billion, Saudi Aramco took second place with a profit of about US$49.3 billion and SoftBank Group rose to third place with US$47 billion.

Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China continued to rank among the top 10 in terms of profit.