AsianFin -- China’s leading private companies have posted strong overall performance, with e-commerce giants JD Group and Alibaba (China) and industrial powerhouse Hengli Group taking the top three spots in the 2025 ranking of China’s Top 500 Private Enterprises.

The list was released on Wednesday in Shenyang, Liaoning, by the All-China Federation of Industry and Commerce (ACFIC).

The threshold for making this year’s ranking rose to 27.023 billion yuan (roughly US$3.7 billion), reflecting the growing scale of private businesses in China. Collectively, the top 500 companies generated total revenue of 43.05 trillion yuan (about US$5.9 trillion) and net profits of 1.8 trillion yuan (approximately US$247 billion). Research and development investment remained a key focus, with companies spending a total of 1.13 trillion yuan (US$155 billion) and employing 1.15 million R&D personnel, translating to an average R&D intensity of 2.77 percent.

Tax contributions from these firms were substantial, totaling 1.27 trillion yuan (US$174 billion). Nearly half of the companies—240 out of 500—paid over 1 billion yuan (US$137 million) in taxes, accounting for 48 percent of the ranking.

The ACFIC conducted its 27th large-scale survey of China’s private sector this year, collecting data from 6,379 companies with annual revenues exceeding 1 billion yuan in 2024. The top 500 enterprises were selected based on revenue performance, marking a comprehensive snapshot of China’s private sector landscape.