Three Shenzhen-based companies, Ping An, Tencent and China Merchants Bank, were among the top 10 most profitable companies in China, according to information released by Fortune China.
At the same time, Shenzhen-based firms including Ping An, Evergrande, Tencent, Vanke and BYD were all on the Fortune China 500 list this year.
Ping An took fourth place, following China Petroleum and Chemical Corp., PetroChina Co. Ltd., and China State Construction Engineering Corp.
The total revenue of all the 500 Chinese companies on the list reached 50.5 trillion yuan (US$7.2 trillion), up 11 percent compared to last year.
The net profit of the 500 Chinese companies was 4.2 trillion yuan, growing over 16 percent compared to last year.
The top 10 most profitable companies earned nearly 1.7 trillion yuan in profit last year, accounting for 40 percent of the total profit made by the 500 listed companies.
It is worth noting that more and more qualified companies choose to be listed on the domestic capital market driven by favorable policies, according to Shenzhen Economic Daily.
TRANSSION Holdings was included on the list for the first time.
The company’s major products include three mobile phone brands, namely TECNO, itel and Infinix, which are sold mainly to Africa, South Asia, Southeast Asia, the Middle East and South America.
Other Shenzhen-based firms on the list include Neptunus, Eternal Asia and Aisidi.