Friday, Apr 26, 2024 | Last Update : 05:13 AM IST
Top 500 Chinese companies in red
China’s top 500 enterprises reported their first annual decline in combined revenues in 15 years, with a 0.07 per cent drop last year, as the economy continued to slow down amid falling oil prices and
China’s top 500 enterprises reported their first annual decline in combined revenues in 15 years, with a 0.07 per cent drop last year, as the economy continued to slow down amid falling oil prices and overcapacity issues.
Among the top 500 firms, 155 reported declines in revenues in 2015, 61 more than a year ago, with many of them representing the overcapacity-plagued coal, steel, oil and chemicals industries.
Meanwhile, 72 firms reported losses, 15 more than a year ago.
The data was contained in 2016 edition of the top 500 Chinese Enterprises released China enterprise Confederation and China Enterprise Directors Association.
The list is based on revenues from 2015, state-run Xinhua news agency reported.
The State Grid grabbed the top spot with 2.07 trillion yuan ($310 billion) in revenue, with oil giants China National Petroleum Corp and Sinopec ranking second and third.
Haitong Securities, GF Securities and China Galaxy Securities entered the list for the first time as a bull stock market boosted their revenues. Revenues of the top 500 totaled 59.46 trillion yuan ($8.9 trillion) last year. The service sector contributed 40.5 per cent of the revenues, outperforming the manufacturing sector, at 39.2 per cent, for the first time.
