The 2020 list of the top 100 enterprises in Ningbo, East China's Zhejiang province was released on Aug 27, according to local reports.

The list, jointly compiled by the Ningbo Federation of Enterprises, Ningbo Entrepreneurs Association, and Ningbo Industrial Economy Federation, is widely considered to be a barometer for the city's economic development. 

The list is made based on the 2019 business revenue of local companies, with the threshold increasing from 2.508 billion yuan ($363.5 million) last year to 2.627 billion yuan this year.

Sinopec Zhenhai Refining & Chemical Co Ltd, Youngor Group, Ningbo Jintian Investment Holding Co Ltd, Aux Group and China-Base Ningbo Group Co Ltd made up the top five.

The business revenue of the top 100 enterprises totaled 1.63 trillion yuan in 2019, representing a yearly uptick of 5.07 percent.

Among them, 40 enterprises saw their revenue exceed 10 billion yuan, three more than the previous year and the most since the first list was released.

Of the 100 enterprises, 55 are engaged in the manufacturing sector, reflecting the industry's leading role in the city's development, while the figures for the service sector and construction sector stood at 32 and 13 respectively.

Private companies accounted for the lions' share of companies on the list. A total of 74 private companies made the list, with their combined revenue accounting for 78.44 percent of the total, an increase of 16.89 percent over 2012.

In 2019, the total net profit of the top 100 enterprises was 68.39 billion yuan, roughly even with that of the previous year, while 35 enterprises had a net profit of more than 500 million yuan, six more than last year, and their combined profits accounted for 83.3 percent of the total.

The R&D investment of the top 100 enterprises stood at 199.25 billion yuan, an increase of 5.64 percent over the previous year.