Huawei heads list of China's top 500 private firms

China on Thursday unveiled its latest rankings for its 500 largest private enterprises, with tech giant Huawei atop the list amid sound development of the country's private business.

The list by the All-China Federation of Industry and Commerce came at the China Top 500 Private Enterprises Summit 2019 held in Xining, the capital of northwest China's Qinghai Province.

Huawei topped the list with a revenue of 721.2 billion yuan (about US$102 billion) in 2018. Top companies also include HNA Group, Suning, Amer International, Evergrande, JD.com, Country Garden, Hengli Group, Legend Holdings and Gome Holdings.

To be listed, an enterprise needed to have revenue exceeding 18.59 billion yuan last year.

Huang Rong, vice chairman of the ACFIC, said the total revenue of the top 500 companies reached 28.5 trillion yuan in 2018, up by 16.44 percent year on year, while the number of companies with revenue over 300 billion yuan has risen from nine to 12.

Twenty of China's private firms were also on the list of the world's top 500 companies, three more than the previous year.