Meituan and Luxshare Precision Make Debut on Fortune Global 500

On August 2nd, Fortune journal launched the Fortune Global 500 record for 2023. China has a complete of 142 firms on the record, rating first by way of amount amongst all nations. In comparability, the United States has 136 firms on the record.

Interface News reporters discovered that this yr, there are 4 home web firms on the record, particularly JD.com, Meituan (first time on the record), Alibaba Group Holding Limited, and Tencent. Among them, JD.com, Alibaba, and Tencent have all skilled a sure diploma of decline of their rankings in comparison with final yr: JD.com dropped from forty sixth place to 52nd place from the earlier yr; Alibaba dropped from fifty fifth place final yr to 68th place this yr; Tencent dropped from 121st place final yr to 147th place. Meituan, which made its debut on the record for the primary time, ranked comparatively low at 467th place. However, when trying on the total record, it may be noticed that the decline in rankings of Chinese and American web giants is a common development. In phrases of US firms’ rankings other than Alphabet remaining secure， Amazon and Meta additionally skilled declines of their rankings.

On the record, distinguished Chinese know-how firms embody Hon Hai Precision (Foxconn), China Mobile, Huawei, and China Telecom. In phrases of different main tech giants, Huawei dropped 15 locations to rank 111th, falling out of the highest 100; Xiaomi fell by 94 locations to achieve the 360th place; Lenovo dropped by 46 locations to rank 217th. Gree Electric Appliances, which made it onto the record final yr, fell off this time. Shenzhen-based firm Luxshare Precision entered the record for the primary time and ranked at 479th place.

SEE ALSO: For First Time, Chinese Companies Outnumber US Ones on Fortune Global 500 List

In phrases of regional distribution, among the many 142 listed Chinese firms, there are 6 Hong Kong-based enterprises and 10 Shenzhen-based enterprises. From a worldwide perspective, firms listed in Beijing, Shanghai, Tokyo, New York, and Seoul account for one-fourth of the entire.

From a broad perspective, among the many 142 listed firms, 9 are automotive enterprises. Ningde Times, an automotive elements provider, entered the Fortune Global 500 record for the primary time with gross sales income of $48.8 billion and ranked 292nd. In phrases of extra particular sectors, there are 49 Chinese firms concerned in power storage. BYD and Ningde Times rank on the prime and have seen vital development in comparison with the earlier yr.

The record additionally identified that the entire income of 142 Chinese firms on the record in 2022 exceeded $11.7 trillion, a rise of 1.7% in comparison with final yr’s 145 listed firms.

In addition, this yr the entry threshold for the Fortune 500 record has elevated, with the minimal gross sales income of listed firms rising from $28.6 billion to $30.9 billion. Meanwhile, because of the influence of the worldwide financial downturn, the entire web revenue of all listed firms decreased by 6.5% in comparison with final yr, amounting to roughly $2.9 trillion.