JD.Com Dethrones Huawei as China’s Biggest Non-State Business
Xu Wei
DATE:  Sep 07 2022
/ SOURCE:  Yicai
JD.Com Dethrones Huawei as China’s Biggest Non-State Business JD.Com Dethrones Huawei as China’s Biggest Non-State Business

(Yicai Global) Sept. 7 -- Online retail giant JD.Com has become China’s biggest non-state-owned company for the first time, pushing aside Huawei Technologies, which had ranked top for six straight years.

JD’s revenue climbed almost 28 percent to CNY951.6 billion (USD136.4 billion) last year, which also put it at the head of China's top 100 service sector firms, according to the 2022 China Top 500 Private Enterprise List released today by the All-China Federation of Industry and Commerce. Huawei fell to fifth place with CNY636.8 billion.

JD rival Alibaba Group Holding climbed to the second spot from fifth after revenue jumped nearly 30 percent to CNY836.4 billion. Petrochemicals titan Hengli Group hung on to third place with CNY732.3 billion and also took the title of China's No. 1 manufacturer away from Huawei.

Twenty-eight of the top 500 non-state companies made the Global Top 500, down from 34 the previous year, the list showed.

Total revenues at the top 500 private firms was CNY38.3 trillion (USD5.5 trillion), up 9 percent. Total assets amounted to CNY41.64 trillion, down 18 percent. Net profits fell 12 percent to CNY1.73 trillion (USD248 billion).

Seventh-ranked Country Garden was the private Chinese enterprise with the most assets, at CNY1.95 trillion.

As many as 37 companies reported net profits above CNY10 billion (USD1.4 billion) in 2021, four more than in 2020. Tencent, which ranked sixth by revenue, was the Chinese firm with the highest net profit, at CNY123.8 billion.

This year marks the 24th annual rankings published by the All-China Federation of Industry and Commerce. More than 8,600 firms with annual revenues of more than CNY500 million (USD71.6 million) participated. The threshold for the top 500 list reached CNY26.4 billion, an increase of CNY2.9 billion (USD416 million) from the year before.

Editor: Futura Costaglione

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Keywords:   JD.com,Hua Wei,Private Enterprise,All-China Federation of Industry and Commerce