On September 12, the All-China Federation of Industry and Commerce (ACFIC) released the list of China's Top 500 Private Enterprises in 2023, along with the 2023 China's Top 500 Private Enterprises Research And Analysis Report. Four enterprises from Shenzhen have entered the top 10.
The top 10 on the list are JD.com, Alibaba (China), Hengli Group, Amer International, Zhejiang Rongsheng Holding Group, Tencent, Shandong Weiqiao Pioneering, Vanke, Lenovo, and BYD.
27 Shenzhen-based Enterprises Included on China's Top 500 List
According to the Report, this year marks the 25th consecutive year that ACFIC has conducted research on private enterprises above the designated size. A total of 8,961 companies, each with an annual revenue of over RMB 500 million, participated in the survey. The entry threshold for the top 500 private enterprises reached RMB 27.578 billion in revenue for this year's rankings, RMB 1.211 billion more than that of 2022. JD.com, with a revenue of RMB 1046.236 billion, has secured the top spot on the list for two consecutive years, followed by Alibaba and Hengli Group with revenues of RMB 864.5 billion and RMB 611.8 billion, respectively.
According to statistics, 50 enterprises from Guangdong have ranked among China’s top 500 private enterprises, with 27 from Shenzhen accounting for 54% of the province’s entries in the list. Amer International, Tencent, Vanke, and BYD are ranked 4th, 6th, 8th, and 10th among the top 500 private enterprises, respectively. Amer International and BYD are ranked 2nd and 6th among China's top 500 private manufacturers in 2023, respectively. Tencent, Vanke, and SF Express took the 3rd, 4th, and 5th places among China's top 100 private enterprises in the service sector for 2023, respectively.
Tencent Ranks 1st in R&D Investment
Among the top 500 for R&D spending, the top 10 of them are engaged in the four industries of Internet and related services, auto manufacturing, computer, communication & other electronic equipment manufacturing, as well as electrical machinery and equipment manufacturing. Internet companies have dominated the list for R&D investment. The top three on the list are Internet firms, namely Tencent, Alibaba, and Baidu. Tencent's R&D investment reached RMB 61.4 billion in 2022, with that of Alibaba and Baidu totaling RMB 53.8 billion and RMB 23.3 billion, respectively.
BYD Tops the List for Employee Number
In terms of tax contributions, the tax payment of the top 500 private enterprises totaled RMB 1.25 trillion, accounting for 7.51% of the national total. When it comes to employment, the top 500 private enterprises employ a total of 10.9721 million people, accounting for 1.50% of people employed across China. BYD tops the list with 570,100 people employed.
The private economy has become a remarkable name card of Shenzhen's economy. In H1 2023, Shenzhen's GDP increased by 6.3% year-on-year, with the fixed-asset investment and total retail sales of consumer goods up 13.1% and 11.5%, respectively. Notably, the private economy accounted for approximately 60% of Shenzhen's GDP, making it a major contributor to the city's economic growth in the first half of the year.
(Source: Shenzhen Economic Daily)