On September 11, the China Enterprise Confederation and the China Enterprise Directors Association released the 2024 list of China’s Top 500 Companies. Hangzhou reaffirmed its status as a leading economic hub in the country, with 25 companies headquartered in the city making the list.

Determined by the preceding year’s revenue, the China’s Top 500 Companies ranking is a barometer of Chinese companies’ performance. The 2024 list reflects a trajectory of stable growth and positive structural changes within the Chinese corporate landscape. The combined revenue of the top 500 companies surpassed 110 trillion yuan, while the minimum revenue requirement for inclusion in the list reached a new milestone at 47.381 billion yuan.

Hangzhou solidified its position as a top city for China’s top 500 companies. The Hangzhou-based companies on the list represent a diverse range of industries, including internet technology, advanced manufacturing, petrochemicals and chemical fibers, information technology, energy and environmental protection, and trade services. Alibaba Group, Zhejiang Rongsheng Holding Group, and Wuchan Zhongda Group emerged as the top three companies in Hangzhou. Notably, Alibaba maintained its position as the top-ranked company from Hangzhou on the China’s Top 500 Companies list, securing the 21st spot with a revenue of 927.494 billion yuan.

Many Hangzhou-based companies have risen in the rankings compared to last year. For instance, Zhejiang Geely climbed 15 places to the 53rd position, with a revenue of 498.072 billion yuan. The petrochemical giants, Zhejiang Rongsheng Holding Group andZhejiang Hengyi Group, moved up to 36th and 65th, respectively. Hangzhou Industrial Investment Group has steadily climbed the Top 500 list by investing in the real economy, particularly manufacturing, and expanding into five key industrial ecosystems. This year, it jumped a remarkable 49 places to the 103rd position. Fuye Group climbed 29 places, fueled by annual revenue growth exceeding 15%. Tech giant Ant Group secured the 147th spot, with a revenue of 178.453 billion yuan. The presence of these Hangzhou-based companies on the Top 500 list highlights the ongoing trend of structural optimization across industries and the simultaneous growth of advanced manufacturing and modern services.