This photo shows the night view of the urban areas in Guangzhou, south China's Guangdong province on June 10, 2023. (PHOTO / XINHUA)

Twenty-five companies from the Guangdong-Hong Kong-Macao Greater Bay Area made it to this year's Fortune Global 500 list, which tracks the world's richest enterprises in terms of revenue.

Hong Kong is home to six of these companies, while the others are headquartered in Guangzhou, Shenzhen, Foshan and Dongguan. Three newcomers to the list are Guangzhou Industrial Investment Holdings, Guangdong Guangxin Holdings Group and Luxshare Precision Industry Co Ltd, according to the list. 

Shenzhen-based carmaker BYD also achieved a remarkable performance. It leaped from the 436th position last year to the 212th position this year, and its annual profits quadrupled last year to $2.47 billion

The Hong Kong companies that made it include China Resources, China Merchants Group, Lenovo Group, China Taiping Insurance Group, Jardine Matheson, and CK Hutchison Holdings.

Although the number of GBA companies in the list has continued to increase steadily, these enterprises still face significant challenges. Only seven of the 25 companies have higher rankings than they did last year, while AIA Group in Hong Kong and Gree Electric Appliances in Zhuhai dropped off the list this year. Technology giant Huawei also fell from the top 100, and Tencent tumbled from 121st place to 147th. 

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Eight of the 25 GBA companies had profits surpassing the national average of $3.9 billion last year, while four were higher than the global average of $5.8 billion and the US firms' $8 billion. Two listed firms registered negative growth.

Tencent’s profits reached $27.98 billion — the highest of the 25 GBA firms.

Shenzhen-based carmaker BYD also had a remarkable performance. It leaped from the 436th position last year to the 212th position this year, and its annual profits quadrupled last year to $2.47 billion.

Guangzhou Automobile Industry Group, another automobile manufacturer, also rose 21 places to the 165th position. Companies that made it onto the list are from various industries, such as electronics, manufacturing, internet and communications, home appliances, banking and finance, and real estate.

READ MORE: China firms ascend global rankings as economy transitions

In total, 142 Chinese companies, including those in Taiwan region, made it to the annual list, marking the fifth consecutive year that Chinese companies topped the list in terms of numbers.