Shenzhen companies in the top 500 enterprises list
18 firms with offices in Shenzhen were included in China’s top 500 enterprises by the China Enterprise Confederation. According to reports profits of the top 500 enterprises in China exceeded counterparts for other countries for the first time in history.
Ping An Insurance on of the country profitable company placed 38 on the 500 list. The highest ranking for a Shenzhen firm. Other companies followed such as Huawei at number 44, China Merchants Bank in 96 place, ZTE at 133 and Vanke in 150 place in the top 500 list of companies. On the other hand three Shenzhen firms garnered the top three spots for the category of innovation namely, Huawei, ZTE and Tencent Inc.
Even when net profits of these Chinese companies was down 12 percent last year, it was able to recover by the first half of this year when net profits was totaled to US$170 billion, while U.S. companies was only at US$98 billion. Still Chinese companies lagged behind the world leading enterprises in resource allocation, innovation, business model, and corporate culture.