ELEVEN Shenzhen-based enterprises have been included into this year’s Fortune Global 500 list, which was unveiled Wednesday to rank the world’s largest corporations by revenue for 2022. The number was 10 last year.

Shenzhen-based Luxshare Precision, China’s leading electronics manufacturing service provider, made the list for the first time, ranking 479th.

China Ping An ranked first among the companies from Shenzhen, with a revenue of US$181.566 billion, securing the 33rd position.

The other nine companies are Huawei (111th), Amer International Group (124th), Tencent (147th), China Vanke (173rd), China Merchants Bank (179th), BYD (212th), China Electronics Corp. (368th), SF Express (377th), and Shenzhen Investment Holdings Co. (391st).

New energy vehicle (NEV) maker BYD, which was the top seller worldwide of electric and plug-in hybrid vehicles last year, shot up 224 ranks compared to last year, when it first made the list. That improvement is the biggest for a Chinese company and only second to U.S. information technology services provider TD Synnex, whose ranking rose 236 spots.

“This indicates that Shenzhen has become globally competitive in technology, finance and manufacturing,” Zhou Junmin from the China Development Institute, said.

Although the threshold to enter Fortune Top 500 has risen, Shenzhen has expanded its presence in the list from one to 11 in the last 15 years since Ping An debuted in 2008.

Shenzhen is also the city in the Guangdong-Hong Kong-Macao Greater Bay Area with the most Fortune Global 500 firms and the city in China with the most private firms included in the list, according to a Shenzhen Economic Daily report Thursday.

Shenzhen encourages innovation and has created a favorable business environment for the growth of local enterprises.

In 2022, the number of private enterprises in Shenzhen reached 2.379 million, accounting for 97% of the total number of companies in the city. The private economy contributed 55.9% to its GDP. By the end of March, the number of business entities in Shenzhen had surpassed 4 million, an all-time high.          (Han Ximin, Cheng Yixuan)

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