Huawei Tech knocks out Legend Holdings to take No 1 spot in China top 500 private business list
Huawei led China’s smartphone sector in the second quarter
Huawei Technologies has replaced Legend Holdings as China’s top private enterprise by revenue, according to the latest rankings by the All-China Federation of Industry and Commerce.
Huawei rose to the top place with annual revenue of 395 billion yuan (HK$460 billion) in 2015, according to the China Top 500 Private Enterprises 2016 list released by the federation on Thursday. Shenzhen-based Huawei was followed by Suning, a Nanjing-based home appliance retailer with an annual earnings of 350.3 billion yuan. Shandong Weiqiao Pioneering Group, an aluminium smelter, took the third spot with annual earnings of 333.2 billion yuan in 2015.
Legend Holdings, parent of the country’s largest PC maker Lenovo, dropped to the fourth spot, earning 309.8 billion yuan in the year.
The top 500 private companies were ranked according to their business revenue in 2015, with the lowest posting 10.2 billion yuan, 7 per cent higher than the previous year’s lowest place.
The 500 posted combined business revenue of 16.2 trillion yuan in 2015, up 10.2 per cent on a year earlier, but the growth rate fell 1.2 percentage points from that of 2014. It was a sharp drop when compared with 2013’s growth rate of 24.9 per cent.