Chinese firms dominate Fortune Global 500 list 
2019-07-23
FOR the first time the total number of Chinese companies listed on the Fortune Global 500 list topped the number of firms based in the United States.
As many as 129 Chinese companies made it on to the Fortune Global 500 list for 2019, which was released yesterday, as against 121 from the United States.
Of the 25 new and relisted companies in this year’s edition, 13 are from China, accounting for more than half of all new entrants.
Tech giants Xiaomi Corp and Gree made it on the list for the first time, with Xiaomi listed at 468 and Gree at 414.
Beijing-based Xiaomi is the youngest company on the list — it was launched nine years ago. The company, which produces smartphone, TV and smart device, was listed on the Hong Kong stock exchange only last year.
“It’s a proud record that we will keep in mind and take it to another level in our global expansion journey,” said Lei Jun, founder, chairman and CEO of Xiaomi.
Xiaomi’s footprints can be seen in over 80 markets globally, with rapid growth especially in India.
Other Chinese tech firms including Alibaba, Tencent, JD.com and Midea are also in the list. JD.com moved up 42 places from last year to the 139th this year, ranking first in China’s Internet industry and third among global rivals.
In 2018, JD.com posted gross merchandise volume and the annual net income of 1.7 trillion yuan (US$250 billion) and 462 billion yuan, respectively. Among them, the net service income for the year was 45.9 billion yuan, accounting for about 10 percent of the total net income, indicating a more balanced income structure.
Among the top 10 companies that have posted the biggest jump in the rankings, six are from the Chinese mainland. Country Garden, a property development company in China, moved up 176 spots this year, while the other five are Alibaba (up 118), Yanggo Longking Group (up 96), Tencent (up 94), Suning.com (up 94) and Evergrande Group (up 92).
China’s largest state-owned oil and gas company Sinopec Group posted total revenue of US$414.65 billion last year, an increase of 26.8 percent, climbing one spot on the Fortune Global 500 list to stand second behind the US retail giant Walmart.
China National Petroleum, another state-owned enterprise, was fourth with a revenue of US$392.98 billion in 2018, while the State Grid Corporation of China came fifth with revenue of US$387.06 billion.
