130 Chinese Companies Make the 2025 Fortune Global 500: What It Means for China and the World

Asia Daily
By Asia Daily
13 Min Read

Chinese Companies Shine in the 2025 Fortune Global 500

The release of the 2025 Fortune Global 500 list marks another milestone for Chinese businesses, with 130 companies from Greater China securing spots among the world’s largest corporations by revenue. This year’s ranking not only highlights the continued strength of China’s state-owned giants but also underscores the rapid ascent of private sector innovators in automotive, high-tech, and internet industries. As the global economy faces shifting tides, the performance of Chinese firms on this prestigious list offers a window into broader trends shaping international business and economic power.

What Is the Fortune Global 500 and Why Does It Matter?

The Fortune Global 500 is an annual ranking compiled by Fortune magazine that lists the world’s 500 largest companies by total revenue for their respective fiscal years. The list is a widely recognized benchmark for corporate scale and influence, reflecting not only financial might but also employment, innovation, and global reach. In 2024, the companies on the list generated a combined $41.7 trillion in revenue—over one-third of global GDP—and employed more than 70 million people worldwide. The ranking is closely watched by investors, policymakers, and business leaders as a barometer of economic trends and corporate competitiveness.

How Are Companies Ranked?

Companies are ranked based on their total revenues for the fiscal year ending on or before March 31, 2025. The list includes both public and private companies, provided their financials are publicly available. The minimum revenue threshold for inclusion this year was $322 billion. The ranking also highlights profitability, assets, and other key metrics, offering a comprehensive snapshot of the world’s corporate heavyweights.

China’s Performance: 130 Companies and Growing Influence

China’s presence on the 2025 Fortune Global 500 remains formidable, with 130 companies making the cut. Of these, 124 hail from the Chinese mainland and Hong Kong Special Administrative Region (HKSAR), while six are based in Taiwan. This places China just behind the United States, which leads with 138 companies. Japan remains a distant third with 38 entries.

The combined revenue of the 130 Chinese companies reached approximately $10.7 trillion, accounting for 26% of the total revenues of all 500 listed firms. The average sales per Chinese company stood at $82 billion, and the average profit was $4.2 billion—a 7.4% increase from the previous year. These figures underscore the scale and growing profitability of Chinese enterprises, even as they face challenges at home and abroad.

Among the 124 companies from the mainland and HKSAR, 49 improved their rankings, reflecting both organic growth and strategic adaptation to changing market conditions. However, 68 saw their positions decline, highlighting the competitive pressures and economic headwinds facing some sectors.

Regional Highlights: Shanghai’s Corporate Powerhouse

Shanghai continues to cement its status as a global business hub, with 12 companies headquartered in the city making the 2025 list. This places Shanghai fourth worldwide in terms of Global 500 company headquarters, behind only Beijing, Tokyo, and New York. Notable Shanghai-based firms include China Baowu Steel Group, SAIC Motor, Bank of Communications, COSCO Shipping, and PDD Holdings. PDD Holdings, in particular, made a dramatic leap, climbing 176 spots to No. 266, fueled by explosive revenue growth and industry-leading profitability.

Chinese companies on the Fortune Global 500 span a diverse array of industries, but several sectors stand out for their dynamism and global impact.

Automotive: China’s Electric Vehicle Revolution

The automotive sector is a major driver of China’s corporate ascent. Ten Chinese automakers made the 2025 list, with several posting remarkable gains:

  • BYD jumped 52 places to No. 91, breaking into the top 100 for the first time and overtaking Tesla (now at No. 102) in the global electric vehicle (EV) race.
  • Chery climbed 152 spots to No. 233, with revenue surging from $39.1 billion to $59.7 billion.
  • Geely advanced 30 positions, with revenue rising from $70.4 billion to $79.9 billion.

BYD’s ascent is particularly noteworthy. The company has expanded aggressively into international markets, launching its luxury Yangwang brand in Europe and challenging established giants like Volkswagen on their home turf. While BYD faces scrutiny over its sales reporting practices in China and a fiercely competitive domestic market, its global ambitions and technological innovation have made it a standout performer.

As Fortune reported, “Chinese electric vehicle maker BYD rose 52 spots to No. 91, overtaking Tesla in the electric car market and challenging Volkswagen in Europe.”

High-Tech: Innovation and Global Supply Chains

The high-tech sector saw rapid growth in 2024, with 34 technology firms making the Fortune Global 500. Of these, 15 are from the U.S., while the remaining 19 include six from the Chinese mainland. Chinese tech companies are increasingly central to global supply chains and innovation ecosystems.

Huawei remains the leader among Chinese high-tech firms, returning to the top 100 at No. 83 with revenues approaching $120 billion. Despite facing international headwinds, including U.S. sanctions, Huawei has maintained robust sales growth and continues to invest heavily in research and development.

Other notable Chinese tech firms on the list include Alibaba, Tencent, and JD.com. JD.com, for example, climbed three spots to No. 44, marking a decade of inclusion on the list and reflecting its rapid expansion in e-commerce and logistics both domestically and overseas.

JD.com’s corporate blog highlighted, “Since joining the Fortune Global 500 in 2016, JD.com has quadrupled its customer base and expanded its network of brand and merchant partners by over tenfold.”

Internet Platforms: Giants on the Rise

Five Chinese internet platform giants—JD.com, Alibaba, Tencent, Pinduoduo (PDD Holdings), and Meituan—all improved their rankings this year. Pinduoduo made the most dramatic leap, jumping 176 places to No. 266, the biggest gain among Chinese companies and the second fastest globally. Meituan rose 57 places to No. 327, while JD.com’s steady climb reflects its growing influence in global e-commerce.

PDD Holdings’ explosive growth was driven by a 59% year-on-year revenue increase and an 87% jump in net income, making it the top Chinese company in return on equity—a key measure of profitability.

Non-Ferrous Metals: Industrial Backbone

Twelve Chinese non-ferrous metal companies made the 2025 list, led by China Minmetals (No. 86), Jiangxi Copper (No. 165), and Shandong Weiqiao Pioneering Group (No. 166). These firms play a critical role in global supply chains for aluminum, copper, and other essential materials, reflecting China’s continued dominance in heavy industry and manufacturing.

Taiwan’s Tech Titans

Six Taiwanese companies are featured on the 2025 list, with Foxconn (Hon Hai Precision Industry) at No. 28 and Taiwan Semiconductor Manufacturing Co. (TSMC) at No. 126. TSMC, a global leader in advanced chip manufacturing, jumped 60 places this year, underscoring the strategic importance of semiconductors in the modern economy. Quanta Computer also posted significant gains, rising 96 spots to No. 348.

Comparing China and the United States: Shifting Corporate Power

While China’s representation on the Fortune Global 500 remains strong, the United States has retaken the lead in the number of companies on the list, with 138 compared to China’s 130. This shift reflects both the resilience of American corporations and the challenges facing some Chinese firms, particularly state-owned enterprises (SOEs).

According to analysis by the Center for Strategic and International Studies (CSIS), most Chinese firms on the list are SOEs, which tend to have lower profit margins and return on assets than their private sector counterparts. In 2024, U.S. firms generated $1.19 trillion in profit (an 8.6% margin), while Chinese firms earned $420 billion (a 4% margin). China is the only major country with a downward trend in profit margin since 2020, highlighting the need for continued reform and innovation.

CSIS analysts noted, “The majority of Chinese firms in the Fortune Global 500 are SOEs, which account for most of the revenue and assets but have lower profit margins and ROA than private firms. Private Chinese firms are more efficient and profitable, but their metrics are also declining, possibly due to low consumer and investor confidence and a struggling property sector.”

Private Sector Champions

Despite these challenges, private Chinese firms in high-growth sectors—such as BYD in electric vehicles and CATL in batteries—are outperforming SOEs in profitability and efficiency. Their success demonstrates the potential for Chinese companies to compete globally through innovation, agility, and international expansion.

Broader Implications: What Does This Mean for China and the World?

The 2025 Fortune Global 500 list offers several key insights into the evolving landscape of global business:

  • China’s economic transformation is ongoing, with private sector firms increasingly driving growth and innovation, even as SOEs remain dominant in scale.
  • Electric vehicles and high-tech industries are at the forefront of China’s global push, with companies like BYD and Huawei challenging established Western giants.
  • Profitability and efficiency remain areas for improvement, particularly among Chinese SOEs, as the country seeks to balance state control with market-driven reforms.
  • Global supply chains are being reshaped by Chinese companies’ expansion into international markets, especially in technology, e-commerce, and manufacturing.
  • Competition with the United States is intensifying, not only in the number of companies but also in profitability, innovation, and global influence.

For policymakers and business leaders, the performance of Chinese companies on the Fortune Global 500 is both a source of national pride and a call to action. Continued reform, investment in innovation, and adaptation to global market dynamics will be essential for sustaining China’s corporate momentum in the years ahead.

In Summary

  • 130 Chinese companies made the 2025 Fortune Global 500, second only to the United States’ 138 entries.
  • Chinese firms account for 26% of the total revenue among the world’s 500 largest companies, with strong growth in automotive, high-tech, and internet sectors.
  • BYD surpassed Tesla in the rankings, reflecting China’s growing dominance in electric vehicles.
  • Shanghai is a major corporate hub, with 12 companies on the list, while six Taiwanese firms—including Foxconn and TSMC—also made significant gains.
  • Most Chinese companies on the list are state-owned, but private sector innovators are driving profitability and global expansion.
  • U.S. firms lead in overall profitability and efficiency, highlighting ongoing competition between the world’s two largest economies.
  • The Fortune Global 500 remains a key indicator of global economic trends, corporate power, and the shifting balance between East and West.
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