10 Ningbo companies make top 500 Chinese enterprise list

Ten companies from Ningbo in East China's Zhejiang province secured places on the 2023 list of the top 500 Chinese enterprises, one more than last year.

The China Enterprise Confederation and the China Enterprise Directors Association unveiled the list during a forum held in Hefei in East China's Anhui province. 

To be included in the top 500 enterprises in China, companies had to meet a revenue threshold of 46.99 billion yuan ($6.55 billion), a 2.37 billion yuan increase over the previous year.

Topping the list were the State Grid Corporation of China, China National Petroleum Corporation, and China Petrochemical Corporation, in that order.

The top 500 companies experienced stable revenue growth in 2022, generating a combined revenue of 108.36 trillion yuan, an increase of 5.74 percent compared to the companies on the 2022 list.

According to the data, the net profits of these companies amounted to 4.29 trillion yuan in the previous year, a slight decrease of 3.8 percent from the previous year.

Out of the 10 Ningbo companies featured on the list, nine were privately owned, highlighting the city's robust private sector.

Leading the pack from Ningbo was fashion brand Youngor, securing the 161st spot with a revenue of 171.5 billion yuan. Following closely behind were Ningbo Jintian Copper (Group) Co Ltd at 195th place and China-Base Ningbo Group Co Ltd at 223rd place, with revenues of 134.57 billion yuan and 116.08 billion yuan, respectively.

These 10 listed companies are engaged in various industries, including garments, new materials, commerce, home appliances, new energy, and automobile electronics. Six of the companies are located in Yinzhou district, two in Haishu district, one in Jiangbei district, and one in Beilun district.

In addition, 18 companies from Ningbo secured spots on the list of the top 500 Chinese manufacturing enterprises, matching the previous year's record. Thirteen companies made the list of the top 500 Chinese service companies, one more than in 2022.