telecom equipment maker Huawei snagged the top spot on this year’s list
of the top 500 Chinese private companies. Huawei posted a total annual
revenue of 359 billion yuan, while Lenovo, the 2015 champion, was pushed
down to No. 4, after electronics retailer Suning and textile firm
Shandong Weiqiao Pioneering Group.
Other big names closely follow Lenovo. Property giant Vanke and real
estate and entertainment conglomerate Dalian Wanda are ranked 10th and
sixth respectively. The list was published on Aug. 25 by the All-China
Federation of Industry & Commerce (ACFIC).
This year’s Top 500 list raised the bar for inclusion to a total annual
revenue of at least 10 billion yuan, up from last year’s 9.5 billion
yuan. The total assets of the 500 companies on the list totaled 17.3
trillion yuan in 2015, with a growth rate 25.16 percent.
The list also indicated a change in industrial structure, as the number
of companies in service sectors has now seen several years of
consecutive growth, from 130 in 2014 to 137 in 2015. Companies in
service sectors contributed 51.69 percent of the total annual revenue of
all the top 500 companies in 2015. This is also the first time that the
service sectors contributed more than secondary industries.
As for the new champion of the Top 500, experts credited Huawei’s heavy
investment in research and development, which far outpaces that of its
peers. In 2014, Huawei spent 40.8 billion yuan on R&D, or 14.2 percent
of its total sales revenue. The figure grew to around 50 billion in