On Aug. 3, the Fortune Global 500 list for 2022 was released. Jiangsu Province has 3 companies that made this year’s list, all of which are located in Suzhou. They are Hengli Group, Shenghong Group and Shagang Group, ranking 75th, 241st and 291st respectively.
Both Hengli Group and Shenghong Group are leading private enterprises headquartered in Shengze town of Wujiang District which is a bellwether for Jiangsu’s private economy. Hengli Group, with a turnover of 113.536 billion US dollars, came in 75th and it has been ranked among the top 100 enterprises in the world for two consecutive years.
The Fortune Global 500 is an annual list of the world’s largest corporations based on their revenues as well as profits, returns on equity, and production efficiency. The minimum threshold for the 2022 Global 500 increased from $24 billion last year to $28.6 billion.
Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. Chinese energy giants State Grid, China National Petroleum, and Sinopec rounded out the top five. A total of 145 Chinese companies made the list this year.