Fifty-four enterprises from Guangdong have been named among the 2025 Chinese Enterprises 500 (2025中國企業(yè)500強), with more than half being private companies.

The ranking was jointly released on Monday by the China Enterprise Confederation and the China Enterprise Directors Association. The list is based on companies’ 2024 operating revenues, with this year’s entry threshold set at 47.96 billion yuan ($6.75 billion) — an increase of 579 million yuan from the previous year.

Among the top 500 Chinese enterprises, 267 reported operating revenues exceeding 100 billion yuan, accounting for 53.4 percent of the list. Fifteen companies surpassed 1 trillion yuan in operating revenue, including Shenzhen-based Ping An, which ranked 12th.

Beijing (79), Zhejiang (56), Guangdong (54), Shandong (52), and Jiangsu (38) are the top five regions with the most enterprises in the top 500.

Of the 54 companies from Guangdong, 27 are based in Shenzhen, 17 in Guangzhou, three in Huizhou, two each in Foshan and Zhuhai, and one each in Dongguan, Yunfu, and Zhongshan.

More than half of those on the list, including Huawei, Tencent, BYD, and TCL, are private enterprises, underscoring the vitality of the private economy in the province.  

As of the end of August, Guangdong had 1.925 million registered private businesses, a year-on-year increase of 6.47 percent.

Also released on Monday were the 2025 Innovative Chinese Big Enterprises 100 (2025中國大企業(yè)創(chuàng)新100強) and the 2025 Chinese Multinational 100 (2025中國跨國公司100大).  

Guangdong performed strongly on both lists.

Huawei, ZTE, and Midea were ranked among the top 10 innovative enterprises. In terms of research and development funding, Huawei led with 179.7 billion yuan, followed by BYD with 53.2 billion yuan.

Tencent, Huawei, and Yuexiu Group were among the top 10 multinational companies. Tencent reported robust growth in its overseas gaming market, which generated 18.8 billion yuan in revenue in the second quarter — an impressive 35 percent year-on-year increase.