China, Hong Kong, occupies 324 spots in the Forbes Global 2000 2024 ranking of the world’s largest publicly traded companies, released on Thursday. This is the second consecutive drop from the country’s record number of 351 members in 2022; China had 346 puts a year ago.
Like last year, China has the second-highest number of corporations on the list, after the United States, which has 621 members. Falling inventory costs and excess real estate have contributed to the decline in the number of indexed Chinese corporations. This year.
The Forbes Global 2000 list places equal weight on the sales, assets, earnings and trailing 12-month market price of publicly traded companies, the most recent monetary knowledge available as of May 17.
This year again, major state-controlled banks led the way for China, taking three of the top ten spots on the list. China’s top-ranked company, Industrial and Commercial Bank of China, took the No. 4 spot, losing one spot. from third position last year and second position in 2022. Before 2022, the bank ranked first on the list for nine consecutive years.
Also among the top 10 most sensible: the state-controlled Construction Bank of China fell from 4th to 7th place last year, and the Agricultural Bank of China fell from 5th to 9th place in 2023Array.
Two other Chinese corporations are among the top 20: Bank of China (No. 13) and PetroChina (No. 18), one of the world’s largest oil corporations.
China’s automakers, among the world’s largest, also included some of the country’s most productive functions in the Global 2000 list this year, namely in the electric vehicle (EV) supply chain. Contemporary Amperex Technology, the world’s largest supplier of batteries for electric cars, took the spot at No. 130, down from No. 121 last year. BYD, the country’s largest electric vehicle maker, rose from 170th to 152nd place in 2023. Among other EV makers, Li Auto jumped to 701st place from 1,691st last year. Automotive glass supplier Fuyao Glass has grown from 1,938 to 1,532 (see a similar article here).
Solar panel makers, which had risen a year ago, lost ground as stock prices fell. LONGi Green Energy Technology fell to 872nd, down from 530th; Tongwei fell from 971st to 494th in 2023.
China’s iconic giants have commonly risen on the list after a past technology crackdown by the government and a difficult position in the advertising market that hurt their performance. Tencent, the highest-ranked Chinese Internet company in this year’s Global 2000 ranking, fell to 38th position from 35th last year. However, e-commerce leader Alibaba rose from 54th to 41st place thanks to a 149% increase in profits to $11. 2 billion; JD. com also rose to No. 180 from No. 224. Search leader Baidu rose to No. 376 from No. 455.
Real estate companies on the continent continued to suffer some of the biggest losses due to oversupply, slow demands and high debt. Developers Country Garden and Agile Group have disappeared from this year’s list. Longfor, whose shares have fallen by about a third in the past 12 months, fell to No. 494 from No. 306. Among Hong Kong-based corporations, real estate corporations were mixed. Sun Hong Kai Properties fell from 483rd to 459th place last year; Henderson Land fell to #879 from #817.
Among the 19 Chinese on the 2024 list that were on the list a year earlier, Seres Group, a mini-truck manufacturer, ranked 1,686th, and Tianshan Material, a structural fabric supplier, ranked 1,686th. It is ranked No. 1,313.
Two notable Chinese corporations are not on the list because they are not publicly traded and ineligible: telecommunications device maker Huawei and ByteDance, owner of the popular social media app TikTok.
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