7 Ningbo enterprises among top 500 Chinese companies

Seven enterprises from Ningbo, East China's Zhejiang province made the 2022 list of China's top 500 enterprises recently released by Fortune magazine, two less than the previous year, local media reported.

The ranking was determined based on the revenue of domestic companies which were listed on bourses at home and abroad in 2021.

The aggregate revenue of the top 500 companies expanded by 17.4 percent year-on-year to 62 trillion yuan ($9.54 trillion) in 2021, accounting for more than half of the nation's GDP. These firms generated combined profits totaling 4.7 trillion yuan, up 9.2 percent compared with the companies on the 2021 list.

China Petroleum & Chemical Corporation topped the list, followed by China National Petroleum Corporation and China State Construction.

The revenue threshold for entry into the 2022 list was increased from 17.4 billion yuan from a year ago to 22.8 billion yuan.

Ningbo Jintian Copper (Group) Co Ltd was the highest ranked company from Ningbo, followed by the Bank of Ningbo and Ningbo Joyson Electronic Corporation.

Jintian Copper's revenue soared 73.31 percent year-on-year to 81.15 billion yuan in 2021, boosting its ranking from 246th a year earlier to 166th.

The Bank of Ningbo, which had revenue of 52.77 billion yuan, was placed 246th. The bank's profits totaled 19.55 billion yuan in 2021, with its profitability ranking 15th in the nation.

Meanwhile, the ranking for Ningbo Joyson Electronic Corporation dropped 30 spots to 273rd, as the company's revenue shrank by 4.64 percent year-on-year to 45.67 billion yuan.

The other four companies from Ningbo that were listed among the top 500 list are Yunda Holdings Co Ltd (299th), Sunny Optical Technology (Group) Co Ltd (331st), Shenzhou International Group Holdings Limited (473rd)and Ningbo Zhoushan Port Group Co Ltd (491st).

No companies from the city made the list of Fortune Global Top 500 companies.   

According to an action plan released by the local government, the city aims to be home to at least one global top 500 company before 2025.