Shenzhen has 29 enterprises on the 2022 top 500 Chinese enterprises list, ranking third in the country, according to the list published by the China Enterprise Confederation and the China Enterprise Directors Association on Tuesday.
Local enterprises that made it to the list, which is based on operating revenue, and ranked high include Ping An (7th), Amer International Group (25th), Huawei (33rd), Tencent (39th), Vanke (57th), Shenzhen Investment Holdings (110th), BYD (122nd), SF Express (126th), and Honor (296th).
Huawei ranked first among the top 10 R&D spenders with 142.66 billion yuan (US$20.44 billion). The total R&D spending by this year’s top 500 Chinese enterprises reached 1.45 trillion yuan, up by 140.82 billion yuan or 10.78% over last year’s top 500.
According to Huawei’s recently released 2021 sustainability report, the company’s investment in employee benefits reached over 15 billion yuan and it spent 142.7 billion yuan on R&D, amounting to about 22.4% of its annual revenue. Huawei’s accumulated R&D expenditure in the past decade has exceeded 845 billion yuan.
Honor showed the biggest growth in revenue, with a growth rate of 469.06%. Among the top 500 Chinese enterprises on the list, eight companies’ revenues have more than doubled and those of 41 others have increased by over 50%.
The city also has three of the 10 most profitable companies, namely Tencent (4th), Huawei (7th) and Ping An (8th).
Last month, Tencent released its second quarter financial report, showing it achieved a revenue of 134.034 billion yuan and a net profit of 28.139 billion yuan, with decline in net profits narrowing for two consecutive quarters.
Overall, the State Grid Corp. of China ranked first on the list, followed by China National Petroleum Corp. and China Petrochemical Corp., all of which had a revenue of over 2 trillion yuan each.
This year, the number of enterprises posting revenues of over 1 trillion yuan is 12, exceeding 10 for the first time. Ping An was among the enterprises both this year and last year.
The number of enterprises in the 100-billion-yuan club increased by 22, bringing the total number to 244, accounting for nearly 50% in the list.
This year’s revenue threshold for companies entering the list was 44.625 billion yuan, up 5.389 billion yuan or 13.74% over last year.