Huawei tops China’s 500 largest private companies, Evergrande absent
Photo taken on February 26, 2018 shows a screen displaying 5G technology at the booth of Chinese telecommunications giant Huawei during Mobile World Congress (MWC) 2018 in Barcelona, ââSpain. (Photo: Xinhua)
China unveiled its latest ranking of its 500 largest private companies on Saturday, with tech giant Huawei topping the list for the sixth consecutive year with revenues of 891.37 billion yuan ($ 137.9 billion) in 2020, while the indebted real estate company Evergrande was absent from the rankings.
Chinese e-commerce giants JD.com and Alibaba ranked in the top five on the list released by the All-China Federation of Industry and Commerce (ACFIC) at China’s Top 500 Private Business Summit on Saturday.
JD.com has become the national private company that supports the largest number of employees with a total of 369,100 at the end of 2020.
To be listed, a company had to have sales of over 23.5 billion yuan in calendar year 2020, up 3.3 billion yuan from the previous year’s threshold, according to Huang Rong, vice president of ACFIC.
Chinese real estate developer Evergrande, ranked 122nd on the Fortune Global 500 unveiled in August, was absent from this year’s list.
The real estate giant said it will pay interest to professional investors from Thursday on corporate bonds issued in 2020, with interest paid at 58 yuan, tax included, per lot with a face value of 1,000 yuan, as a result of continuing discussions about the company’s debt. ferment in recent days.
Over the past year, uncertainty and challenges have increased for private companies as the international market remains sluggish, supply chain and industrial chains have been affected and raw material costs have increased, according to The report.
In terms of costs, raw material costs, tax burdens and financing costs remain the most important burdens for the top 500 private companies.