Zhejiang home to most top 500 Chinese private companies

Chinese automaker Zhejiang Geely Holding Group, based in Hangzhou, East China's Zhejiang province, ranks 11th on the 2019 list of China Top 500 Private Enterprises. [Photo/IC] 

This year's list of the top 500 Chinese private companies was recently announced in the city of Xining, Qinghai province. Ninety-two companies from Zhejiang province made the list, more than any other province for the 21st consecutive year.

Lists of the top 500 Chinese private manufacturers and top 100 Chinese private service providers were also published simultaneously. Zhejiang recorded 94 and seven entries on the two lists, respectively.

Selected by the All-China Federation of Industry and Commerce, the 2019 list of China Top 500 Private Enterprises features a higher threshold than the previous year, requiring companies to have at least 18.59 billion yuan ($2.62 billion) in annual revenue last year, 2.9 billion yuan more than the threshold in 2018.

Zhejiang Geely Holding Group, an auto company based in Hangzhou, ranked 11th on the list, first among Zhejiang companies, with annual revenue of 328.52 billion yuan in 2018. 

Notably, 20 companies on the list also made this year's Fortune Global 500 list released on July 22, and three of them were Zhejiang companies, namely Zhejiang Geely Holding Group, stainless steel manufacturer Tsingshan Holding Group, and Hailiang Group.

Hangzhou-based E-commerce giant Alibaba also made the Fortune Global 500 list but didn't apply for the top 500 Chinese private companies list.