Ten Zhejiang-based enterprises made the Fortune Global 500 list issued on July 29 - amount same to last year.

They have all been ranked for two consecutive years - Alibaba, Rongsheng, Wuchan Zhongda, Geely, Hengyi, Tsingshan Holding, Zhejiang Communications Investment, Hangzhou Industrial Investment Group (HIIG), Hangzhou Iron & Steel Group, and Hailiang Group.

They all represent Zhejiang’s economic vitality and resilience, spanning sectors like digital economy, advanced manufacturing, and bulk commodities. They also indicate a more important role they’ve played in the global value chain.

Alibaba remains the highest, climbing seven spots to the 63rd. Seizing the historic opportunities brought by AI, Alibaba is doubling down on AI infrastructure and cutting-edge tech to maintain its global competitiveness and fuel sustained growth.

HIIG, a state-owned enterprise under Hangzhou’s municipal government, secured its spot again with $39.5 billion in revenue, ranking No. 394. HIIG is heading on the track of tech-industry innovation to transform traditional sectors, nurture emerging industries, and strategically position itself in future industries

HIIG’s revenue surged 22.7% year-on-year in the first half of 2025, along with profits up 9.73%, highlighting the group’s ongoing efforts for business efficiency and market expansion. HIIC has been a co-founder of 67 established industrial funds, totaling over 60 billion yuan and leveraging 50 billion yuan in private capital.

Geely Holding saw the biggest leap, jumping 30 spots with revenue rising from $70.4 billion to $79.9 billion. The ranking this year saw 10 Chinese automakers and auto parts providers on the list, with BYD soaring 52 spots to the 91st - first time as a Top 100. Their appearance underscores China’s growing role in shaping the global auto industry’s evolution.

Zhejiang’s performance aligns with its robust H1 2025 economic data. In the first half of the year, the province’s high-tech manufacturing, core digital industries, and equipment manufacturing all saw a double-digit value-added growth. Meanwhile, in the services sector, core digital industries, sci-tech services, and high-tech services significantly outpaced the average revenue growth rate.