More Chinese companies become world top 500

Sinopec's logo is seen at one of its gas stations in Hong Kong in this April 26, 2010 file picture.[Photo/Agencies]

BEIJING -- A total of 106 Chinese companies made this year's Fortune Global 500 list, up from 100 firms in 2014, according to the annual ranking released Wednesday.

Sinopec Group, China's top oil refiner, was the second largest company in the world this year by total revenue, up from the third place in 2014, according to the new list topped by US retail giant Walmart.

PetroChina, the largest oil and gas producer in China, remained in fourth place this year, while the State Grid Corporation, the largest electric utilities company, remained seventh.

The number of Chinese companies in the list trailed only the US, which boasts 128 companies.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014.

Related story: SOEs keep hold on Fortune 500, by Wei Tian in Shanghai

Private companies usually perform better when it comes to profitability State-owned enterprises continue to dominate China's top 500 companies in terms of revenue, but their private counterparts are gaining strength, Fortune Magazine said on Monday.

The total revenue of the 500 companies increased 10.4 percent last year to 28.9 trillion yuan ($4.6 trillion), equivalent to more than half of China's GDP. Total profits were 2.5 trillion yuan.

Oil giants China Petrochemical Corp and China National Petroleum Corp held onto their undisputed leading positions, coming first and second on the latest Fortune 500 list.

They generated 2.88 trillion yuan and 2.26 trillion yuan, respectively, in sales in 2013.