Baowu Steel Usurps SAIC Motor as Shanghai’s Biggest Company
Dou Shicong
DATE:  Aug 31 2022
/ SOURCE:  Yicai
Baowu Steel Usurps SAIC Motor as Shanghai’s Biggest Company Baowu Steel Usurps SAIC Motor as Shanghai’s Biggest Company

(Yicai Global) Aug. 31 -- China Baowu Steel Group is Shanghai’s largest company by revenue, pushing automaker SAIC Motor into second place.

Baowu’s revenue jumped 44 percent to CNY9972.3 billion (USD140.7 billion) last year after the Chinese steel giant acquired Kunming Iron & Steel Holding and Shandong Iron & Steel Group, according to a ranking of Shanghai’s top 100 firms jointly released yesterday by the Shanghai Confederation of Enterprises and others.

SAIC ranked second with CNY779.8 billion, followed by real estate developer Greenland Holdings, Cosco Shipping Holdings, and Bank of Communications.

The top 100 firms had combined revenues of CNY9.7 trillion (USD1.4 trillion) in 2021, up 16 percent from the previous year. Their net profits rose 15 percent to CNY633.8 billion, while total spending on research and development jumped 30 percent to CNY160.7 billion.

Food delivery giant Meituan climbed seven places to rank 14th with revenue of CNY179.1 billion, making it the biggest new economy company. Group-buying platform Pinduoduo came 24th, mobile phone developer Huaqin Telecom Technology was 29th, and China’s leading chipmaker Semiconductor Manufacturing International Corporation ranked 50th.

Revenue growth among businesses in newly-emerging sectors exceeded the average. Twenty-four new economy firms made the top 100, with their combined revenues climbing 35 percent to CNY88.8 billion (USD12.8 billion). Their net profit jumped 40 percent to CNY24 billion.

Editor: Futura Costaglione

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Keywords:   Baowu,Shanghai,Meituan