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Twelve companies from Shaoxing in East China's Zhejiang have been named to the 2026 China top 500 private enterprises list, ranking the city third in the province after Hangzhou and Ningbo.

The list, released recently by the All-China Federation of Industry and Commerce, set the entry threshold at 25.599 billion yuan ($3.81 billion) in annual revenue. Zhejiang led all provinces with 104 companies on the list.

Among the 12 Shaoxing companies that made the cut, Hailiang Group ranked 24th nationwide, with revenue of 269.34 billion yuan in 2025. The diversified group has businesses spanning education, nonferrous metal materials manufacturing, and ecological agriculture.

The other 11 companies include Sanhua Holding Group, Zhongcheng Holding Group, Wolong Holding Group, Zhejiang NHU and Baoye Group. Most are manufacturing leaders, with all 12 reporting annual revenue of more than 34 billion yuan in 2025.

Sanhua, which has appeared on the list for 23 consecutive years, ranked 175th this year after expanding into emerging sectors including new energy vehicles and robotics components.

The strong showing highlights the scale and resilience of Shaoxing's private economy. By the end of 2025, the city had 839,000 registered market entities, providing a broad foundation for continued private-sector growth.