Twenty-three companies from the Guangdong-Hong Kong-Macao Greater Bay Area have made this year’s Fortune Global 500 list, one more company than in 2024, according to the ranking released by Fortune China on Tuesday.

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Shenzhen, Guangzhou and Hong Kong remain the region's economic powerhouses, taking nine, six and five places in the ranking, respectively. They were followed by Foshan and Dongguan, with two companies and one company on the list, respectively.

The ranking tracks the world’s richest companies in terms of revenue.

Shenzhen-based insurer Ping An Insurance topped the Greater Bay Area list, ranking 47th worldwide, six places from last year. Shenzhen-headquartered Huawei Investment and Holding moved up 20 spots to 83rd this year, while electric vehicle maker BYD — also based in the southern metropolis — jumped 52 places to 91st position.

Foshan-based property developer Country Garden returned to 460th place this year after failing to make the cut in 2024.

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A total of 130 Chinese companies made it onto the list, ranking the nation second globally in terms of the number of companies, just behind the United States, with 138.

With a combined $10.7 trillion in revenue, these Chinese companies accounted for 26 percent of the total revenue of the Global 500 companies.

While Chinese companies trail the global average in terms of sales revenue and profit, the average profits of Chinese mainland and Hong Kong companies has risen to $4.2 billion in 2024, a 7.4 percent year-on-year increase.

The internet sector remains a core pillar of China’s corporate growth. Internet giants JD, Alibaba, Tencent, Pinduoduo, and Meituan continue to thrive globally, with Pinduoduo making the largest leap in the rankings —176 spots — placing it in 266th place. Meituan and JD also climbed up 57 and three places, respectively.

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Wang Zhile, a Fortune Global 500 list editor, pointed out that Chinese companies are dealing with the challenge of scaling from “big” to “strong” — a transition that requires not only technological innovation but also advancements in strategic management, compliance management and other soft power.

“This is a process that goes beyond individual company growth, but the growth of entire industries and the wider industrial chains. With the dual challenges of an unfavorable business environment externally and the “big-to-strong” transition internally, these factors are having a direct impact on the performance of Chinese companies,” he said.

Chen Yang contributed to this story.

Contact the writer at sally@chinadailyhk.com