This Dec 1, 2017 photo shows Canton Tower and Haixinsha Island in Guangzhou, south China's Guangdong province. (JIN LIANGKUAI / XINHUA)
The Guangdong-Hong Kong-Macao Greater Bay Area supplied 15 of the 51 Chinese companies that made it to the 2020 Hurun Global 500 list, which tracks the world’s richest non-State-owned companies. The ranking was published on Tuesday.
Shenzhen has eight companies on the list, trailing only Beijing, which has 14. Hong Kong and Foshan ranked fifth and the sixth respectively, with three and two companies. Guangzhou and Zhuhai contributed one company each.
Shenzhen has eight companies on the list, trailing only Beijing, which has 14. Hong Kong and Foshan ranked fifth and the sixth respectively, with three and two companies. Guangzhou and Zhuhai contributed one company each
Collectively, the Bay Area accounted for nearly 30 percent of all Chinese companies in the ranking, which shows the high development of the southern region’s private economy.
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Shenzhen-based internet giant Tencent Holdings Ltd, which was worth 4.72 trillion yuan (US$730 billion) claimed sixth place in the Global 500 list. It is one of the only two non-US companies in the top 10. The other is Alibaba Group Holding Ltd.
Insurance behemoth Ping An Insurance (Group) Co Ltd, also headquartered in Shenzhen, ranked 27th. Huawei was in 57th place.
According to the report, Guangzhou-based electric carmaker Xpeng Motors was one of the three fastest-growing companies on the global list as its value surged to 248.8 billion yuan in the six years since its founding.
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