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E-commerce giants JD.com, Alibaba Group, and oil refining company Hengli Group maintained their positions as China’s top private enterprises last year, according to the latest industry rankings. JD.com once again led the list for the fourth consecutive year, achieving a revenue of 1.16 trillion yuan (approximately $162.5 billion). Following closely, Alibaba and Hengli secured the second and third spots with revenues of 981.8 billion yuan (around $137.5 billion) and 871.5 billion yuan, respectively.
Huawei Technologies held onto the fifth position with a revenue of 862 billion yuan. Electric vehicle manufacturer BYD moved up to fifth place, overtaking Huawei. Tech giant Tencent remained sixth, while refiner Rongsheng Petrochemical fell to seventh. Their revenues stood at 777.1 billion yuan, 660.3 billion yuan, and 658.6 billion yuan, respectively.
The remaining companies in the top 10 included Zhejiang Geely Holding Group, Shenghong Holding Group, and Weiqiao Pioneering Group. Geely saw its revenue rise to 574.8 billion yuan, moving up to eighth from tenth. Shenghong dropped one position to ninth, and Weiqiao Pioneering fell from ninth to tenth, with revenues of 565.6 billion yuan and 558.5 billion yuan.
The ranking was compiled from a survey of 6,379 private Chinese companies with revenues exceeding 1 billion yuan (about $139.9 million), conducted by the All-China Federation of Industry and Commerce. The combined revenue of China’s top 500 private firms reached 43.05 trillion yuan (approximately $6.02 trillion) last year, averaging around 86.1 billion yuan ($12 billion) per company—a 2.7% increase from the previous year.
The number of firms surpassing 100 billion yuan in revenue grew to 105, up from 97, while 11 companies reported revenues exceeding 500 billion yuan, an increase from nine. The total net profit of these top companies reached 1.8 trillion yuan in 2024, with an average profit of about 3.6 billion yuan—up 6.5% from the prior year.
Seventy companies posted net profits over 5 billion yuan, with 34 earning more than 10 billion yuan and 19 surpassing 20 billion yuan.
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