10 Shenzhen companies make Fortune Global 500 list

An aerial view of Shenzhen. Photos from Shenzhen Special Zone Daily unless otherwise stated

Ten Shenzhen companies have secured spots on this year’s Fortune Global 500 list, with automotive, high-tech, and internet firms demonstrating robust growth momentum, according to the latest ranking released Tuesday.

The headquarters of Tencent in Shenzhen’s Nanshan District.

The 10 companies are Ping An Insurance, Huawei, BYD, Tencent, China Merchants Bank, Vanke, SF Express, Shenzhen Investment Holdings, Luxshare Precision, and China Electronics Corporation. 

Ping An Insurance retained its position as the highest-ranked Shenzhen enterprise, climbing from 53rd to 47th this year. BYD surged 52 spots to 91st, marking its debut in the top 100. 

BYD’s new energy vehicles line up at Xiaomo International Logistics Port in the Shenshan Special Cooperation Zone before being loaded onto the vessel “Shenzhen” for shipment.

In the first half of this year, BYD sold 2.146 million vehicles, making it the only Chinese passenger car manufacturer to exceed 2 million sales in a six-month period. Additionally, BYD’s overseas sales reached approximately 470,000 units in the first half of the year, surpassing its total overseas sales for 2024.

People visit a Huawei store in Shenzhen.

The high-tech sector saw accelerated growth in 2024, with global firms reporting substantial profit increases. The 2025 Fortune Global 500 includes 34 high-tech companies. The report highlighted that Huawei remains the leader among Chinese high-tech firms, re-entering the top 100 after two years. It now ranks 83rd, up 20 places from last year. 

China has a total of 130 companies on the list. Their combined revenue in 2024 was approximately US$10.7 trillion, accounting for 26% of the total revenue of all 500 firms on the list, and their average revenue reached US$82 billion, according to the Global Times.

The Fortune Global 500 list, widely regarded as an authoritative ranking of the world's largest corporations, is primarily based on companies' annual revenue from the previous year. Globally, Walmart retained the top position on the list, followed by Amazon. China’s State Grid ranked third, with Saudi Aramco and China National Petroleum taking fourth and fifth place, respectively.