A Vipshop outlet in downtown Beijing. [Photo provided to China Daily]
Six corporations invested in by Wenzhou enterprises made the Fortune China 500 list for 2023 on July 11, local media outlets reported.
The companies are Vipshop Holdings Limited, Universal Scientific Industrial (Shanghai) Co, Chint Group, Wuxi AppTec, Zhongliang Holdings Group, and Huafon Chemical Co.
The Fortune China 500 list is one of a prestigious ranking published by the well-known magazine Fortune. It is held in high esteem in the industry and evaluates the performance and achievements of Chinese listed companies worldwide over the past year.
This year, the total revenue of the listed companies reached 65.8 trillion yuan ($9.17 trillion), with a net profit of 4.7 trillion yuan. In comparison, the total revenue of listed companies in the previous year was 62 trillion yuan, with a net profit of 4.7 trillion yuan.
Fortune China stated that the revenue threshold for a company to make the list this year is around 23.7 billion yuan, nearly 900 million yuan higher than the threshold of 22.8 billion yuan last year.
Among the six companies, Vipshop Holdings Limited ranked the highest at 131st place, with annual revenue of 103.15 billion yuan in 2022.
Chint Group and Huafon Chemicals Co are local Wenzhou companies. They secured the 285th and 467th positions on the list, respectively. Chint Group witnessed an increase in revenue from 38.87 billion yuan in 2021 to 45.97 billion yuan in 2022.
The inclusion of the companies demonstrates their remarkable performance and contributions to the Chinese market. It further highlights the thriving business environment in Wenzhou, known for its entrepreneurial spirit and vibrant private economy.