Fortune 500 Adds New Shenzhen Based Company to its List
In the Fortune 500 list added another Shenzhen based firm to its list, bringing the total of Shenzhen companies on the list to three. The new entrant China Merchants Bank ranked at 498 on the list of the largest global companies in terms of revenue.
Another company Ping An Insurance jump up to 242 in the rankings from its previous ranking of 327, while Huawei a telecom giant remains at 351 ranking. This will be the third time Ping An Insurance appeared on the Fortune 50 list with the first one in 2008. The Fortune 500 list is issued annually by the US financial magazine which ranks global companies according to its revenues gained from the previous year.
From the 2012 ranking the minimum net worth to make the cut was also increased to US$ 22 billion compared to the requirement of US$ 19.5 billion last year. Total revenues for the Fortune 500 companies have reached US$ 29.5 trillion, a total profit increase of US$ 1.6 trillion or 7%.
A total of 79 Chinese companies made it to the list with 73 of the companies coming from the mainland. Japan has 68 companies on the list and this will be the first time that the Chinese mainland overtook Japan in the number of companies and ranked second to United States which have 132 companies on the Fortune 500 list.