Business magazine Fortune released its latest Global 500 list on August 3, with eight Hangzhou companies taking places.

The eight companies are Alibaba (55th), WZ Group (120th), Zhejiang Rongsheng Holding Group (180th), Geely Holding Group (229th), Hengyi Petrochemical Co (264th), Zhejiang Communications Investment Group (302nd), Hangzhou Iron & Steel Group Co (336th), and Zhejiang Hailiang Co (459th).

China had the most companies on the list, 21 more than US companies.

The total revenue of the Global 500 hit $37.8 trillion this year, increasing 19.2 percent year-on-year. The threshold to enter the list rose to $28.6 billion from $24 billion.

Moreover, the total net profits of the Global 500 reached $3.1 trillion, surging 88 percent from a year earlier, the biggest growth since 2004.

The revenue of Chinese companies accounted for 31 percent of the total, with the total of US companies making up 30 percent.