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(Digital Phablet) July 30 — Chinese state-owned power producer State Grid secured the third spot on the latest Fortune Global 500 List, an annual ranking of the world’s largest companies by revenue, maintaining its position as the top Chinese firm for the second year in a row.
Leading the chart for the 12th consecutive year was U.S. retail giant Walmart, with Amazon, another U.S. technology behemoth, in second place, and State Grid ranking third. In the top 10, energy companies Saudi Arabian Oil Company, Sinopec, and China National Petroleum occupied the fourth, fifth, and sixth positions, respectively.
State Grid has set industry standards through its cutting-edge ultra-high voltage transmission and smart grid technologies. Its core strength lies in supporting the largest-ever integration of renewable energy sources. The company is accelerating the development of a new type of electricity system and facilitating the nation’s transition toward cleaner energy sources.
This year, the number of Chinese companies on the Fortune Global 500 declined slightly to 130 from 133 last year. Collectively, these firms generated approximately $10.7 trillion in revenue last year, making up 26% of the total $41.7 trillion on the list.
Among the top 100, five Chinese tech firms made the cut: Hon Hai Precision Industry, better known as Foxconn and a major supplier for Apple, ranked 28th; e-commerce giants JD.com and Alibaba Group Holding were 44th and 63rd; mobile carrier China Mobile stood at 58th; and telecommunications powerhouse Huawei Technologies was 83rd.
JD.com continued to be the largest private Chinese company, while Huawei made a comeback into the top 100 after a two-year absence. Meanwhile, Chinese food delivery leader Meituan jumped from 384th to 327th place.
Chinese e-commerce companies had impressive showings last year, with JD.com climbing three spots and Alibaba improving by seven. Pinduoduo surged 176 positions to 266th, marking the largest leap for a Chinese company on the list.
Ten Chinese automakers made the Fortune Global 500, with BYD, Chery Automobile, and Zhejiang Geely Holding Group showing progress in their rankings. The other seven, including BAIC Group, GAC Group, and Dongfeng Motor, experienced drops.
BYD notably leapt 52 spots to rank 91st, marking its first entry into the top 100 and surpassing Tesla for the first time ever. Chery Auto and Geely advanced 152 and 30 places, respectively, to 233rd and 155th.
Xiaomi, which introduced its first self-developed new energy vehicle last year, climbed from 397th to 297th, representing the largest increase since the company first appeared on the list in 2019.
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