Top 10 Chinese companies in 2018
The trio of China Petroleum & Chemical Corporation (Sinopec), PetroChina Co Ltd (PetroChina) and China State Construction Engineering Corp Ltd top the list of Fortune's Top 500 Chinese companies again this year, according to the Chinese website of the magazine.
The list was compiled by Fortune China and China International Capital Corporation Limited (CICC) Wealth Management to measure the performance and achievements of China's largest listed companies over the past year.
The combined revenue of the top 500 Chinese companies totaled 39.65 trillion yuan ($5.87 trillion), an 18.22 percent increase over last year. Their net profit jumped 24.24 percent to 3.48 trillion yuan($515.42 billion).
This year's revenue threshold for listing a company is 13.86 billion yuan ($2.05 billion), up 22.44 percent, and 47 companies, including online streaming video service provider iQiyi, made their debut in, or returned to the top 500 ranking. The company, which was listed on Nasdaq in March, is ranked 419th with more than 17.3 billion yuan ($2.56 billion) in revenue.
The aggregate market value of seven internet service providers, including Alibaba, Tencent and iQiyi, surpassed 7 trillion yuan ($1.04 trillion), accounting for nearly 15 percent of the total of the top 500.
A total of 55 real estate companies edged into this year's list, topping all sectors, with their combined revenue surging by more than 19.6 percent.
The combined profits of the top ten most profitable companies accounted for about 40 percent of the total. The Industrial and Commercial Bank of China Ltd (ICBC) was the biggest money maker, with 286.05 billion yuan ($42.37 billion) in profit. It is followed by China Construction Bank Corporation with 242.26 billion yuan ($35.88 billion) and Agricultural Bank of China Co Ltd with 192.96 billion yuan ($28.58 billion).
Only ten companies failed to make profit this year, the lowest number over the past seven years.
Following are Fortune China's top 10 Chinese companies this year:
No 10 China Life Insurance Co Ltd
Rank 2018: 10; Rank 2017: 11
Revenue: 653.2 billion yuan ($96.74 billion)
Profit: 32.25 billion yuan ($4.78 billion)
