8 Ningbo companies listed among Fortune China 500

The headquarters of Bank of Ningbo [Photo/cnnb.com.cn]

On July 25, Fortune magazine released the 2023 Fortune China 500 list, which included eight companies from Ningbo, Zhejiang province.

Annual revenues of the eight companies all surpassed $3 billion in 2022, with Ningbo Jintian Copper (Group) Co Ltd, which had the highest ranking (No 205), raking in over $15 billion.

Three companies ranked higher compared to last year, especially the Bank of Ningbo, which increased 40 places.

In terms of net profit margin, the bank ranked 29th with a 29-percent rate. Its revenue and net profit attributable to the parent company surged by 9.67 percent and 18.05 percent, respectively, compared to 2021.

Ronbay New Energy Technology and Risen Energy are both newcomers to the list, ranking 429th and 435th. Ronbay, specializing in cathode materials of lithium-ion batteries, is the partner of many industry leaders such as BYD and CATL. It has been the world's largest supplier of ternary cathode materials for several consecutive years.

Risen Energy, known for its solar panels and related components, generated 29.39 billion yuan ($4.11 billion) in revenue last year.