Shanghai has moved up to 4th position in the Fortune Global 500 ranking, a one-spot ascent from the previous year, according to the latest list published by Fortune, which ranks companies according to the total revenue derived from their 2023 annual financial reports.

The city now hosts 13 headquarters-based firms, an increase of one firm compared to the previous year. Despite this growth, Shanghai still trails behind the likes of Beijing, Tokyo, and New York in terms of the number of companies listed among the world's top 500 enterprises.

A standout addition to this year's Fortune Global 500 list is Shanghai-based internet company Pinduoduo, which made its debut at the 442nd position with an annual revenue of $34.98 billion. This positions Pinduoduo ahead of this year's 500th ranked company by $2.88 billion and surpasses last year's 500th ranked company by $4.08 billion.

Among the other 12 Shanghai-headquartered companies that made the list, some notable names include China Baowu Steel Group (44th), SAIC Motor (93rd), Bank of Communications (154th), COSCO Shipping (267th), and Greenland Holdings (291st), among others. These enterprises have maintained their positions on the list for multiple years, with stalwarts like China Baowu Steel Group holding a consistent 44th position for the past three years and being listed for an impressive 21 consecutive years.

Among the Chinese mainland companies featured on the Fortune Global 500 list, there are five internet companies, signaling a positive recovery in the operating conditions of Chinese internet enterprises since 2023. Companies like JD.com, Tencent, and Meituan have witnessed an increase in their rankings, with Meituan experiencing the most significant improvement by climbing 83 positions to secure the 384th spot, highlighting the resilience and growth potential of Chinese businesses on the global stage.

Source: thepaper.cn