Industrials, Communication, Financials Author:Mengyao Zhang Aug 10, 2020 09:12 PM (GMT+8)

The fortune Global 500 list of companies for 2020 has been published, with Walmart at the top, followed by three Chinese companies: Sinopec Group, State Grid and China National Petroleum.

The Fortune 500 rank shows the biggest 500 companies worldwide. Image credit: Austris/Unsplash

The 2020 ranking shows the world’s 500 largest companies, which generated a total revenue of USD 33.3 trillion and profits of USD 2.1 trillion in 2019.

Chinese companies are showing remarkable progress in terms of ranking this year. On the rank, there are 124 companies from the mainland and Hong Kong and nine companies from Taiwan. One thing to note is that more Chinese companies are included than US companies on the global Fortune 500 rank for the first time.

The 2020 rank includes seven Internet companies only from the US and China, those being Amazon (# 9), Alphabet (# 29), Facebook (# 144), (# 102), Alibaba Group Holding(# 132), Tencent Holdings (# 197) and Xiaomi (# 422). Among them, Alibaba made the most significant leap of 50 ranks.

Also, eight new Chinese faces are on the rank and they are from industrials, financials, energy and pharmaceutical: Shanghai Construction Group (600170:SH), Shenzhen Investment Holdings, Shenghong Holding Group, Shandong Iron & Steel Group, Shanghai Pharmaceuticals Holding (2607:HK), Guangxi Investment Group, China National Nuclear and China National Coal Group.