Meituan and Luxshare Precision Make Debut on Fortune Global 500

On August 2nd, Fortune magazine released the Fortune Global 500 list for 2023. China has a total of 142 companies on the list, ranking first in terms of quantity among all countries. In comparison, the United States has 136 companies on the list.

Interface News reporters found that this year, there are four domestic internet companies on the list, namely JD.com, Meituan (first time on the list), Alibaba Group Holding Limited, and Tencent. Among them, JD.com, Alibaba, and Tencent have all experienced a certain degree of decline in their rankings compared to last year: JD.com dropped from 46th place to 52nd place from the previous year; Alibaba dropped from 55th place last year to 68th place this year; Tencent dropped from 121st place last year to 147th place. Meituan, which made its debut on the list for the first time, ranked relatively low at 467th place. However, when looking at the overall list, it can be observed that the decline in rankings of Chinese and American internet giants is a general trend. In terms of US companies’ rankings apart from Alphabet remaining stable， Amazon and Meta also experienced declines in their rankings.

On the list, prominent Chinese technology companies include Hon Hai Precision (Foxconn), China Mobile, Huawei, and China Telecom. In terms of other major tech giants, Huawei dropped 15 places to rank 111th, falling out of the top 100; Xiaomi fell by 94 places to reach the 360th position; Lenovo dropped by 46 places to rank 217th. Gree Electric Appliances, which made it onto the list last year, fell off this time. Shenzhen-based company Luxshare Precision entered the list for the first time and ranked at 479th place.

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

From a broad perspective, among the 142 listed companies, 9 are automotive enterprises. Ningde Times, an automotive parts supplier, entered the Fortune Global 500 list for the first time with sales revenue of $48.8 billion and ranked 292nd. In terms of more specific sectors, there are 49 Chinese companies involved in energy storage. BYD and Ningde Times rank at the top and have seen significant growth compared to the previous year.

The list also pointed out that the total revenue of 142 Chinese companies on the list in 2022 exceeded $11.7 trillion, an increase of 1.7% compared to last year’s 145 listed companies.

In addition, this year the entry threshold for the Fortune 500 list has increased, with the minimum sales revenue of listed companies rising from $28.6 billion to $30.9 billion. Meanwhile, due to the impact of the global economic downturn, the total net profit of all listed companies decreased by 6.5% compared to last year, amounting to approximately $2.9 trillion.