The 2024 Fortune Global 500 list is released, with 13 companies headquartered in Shanghai
2024-08-10
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Fortune magazine has released the list of the world's top 500 companies in 2024. The list is ranked by total revenue based on the 2023 annual financial reports of global companies. This year, a total of 133 Chinese companies made the list. Among them, Pinduoduo, an Internet e-commerce company headquartered in Shanghai, made the list for the first time, ranking 442nd. This also brings the total number of companies headquartered in Shanghai to 13 this year, one more than last year. At the same time, Shanghai has become the fourth city with the most companies on the list, ranking up one place from last year, second only to Beijing, Tokyo, and New York. Let's take a look at the report of Shangguan News↓
Shanghai adds another Fortune 500 company
This year, the entry threshold (minimum revenue) for the Fortune Global 500 has increased from $30.9 billion to $32.1 billion. Pinduoduo made the list with a total revenue of $34.981 billion, ranking 442nd.
The 13 Shanghai-based companies on the list are, in order of ranking, China Baowu Steel Group (44), SAIC Motor (93), Bank of Communications (154), COSCO SHIPPING (267), Greenland Holdings (291), Pudong Development Bank (292), China Shipbuilding (309), Pacific Insurance (331), Jiangsu Construction (340), Shanghai Construction Group (354), Shanghai Pharmaceuticals (411), Pinduoduo Holdings (442), and Shanghai Delong Steel Group (452).
There are 13 companies headquartered in Shanghai on the Fortune Global 500 list
Except for Pinduoduo, the other 12 companies headquartered in Shanghai have been on the list for many years. Among them, China Baowu has been on the list for 21 years and ranked 44th for three consecutive years, and has remained in the top 50. COSCO SHIPPING, Bank of Communications, and Pacific Insurance have been on the list for 17, 16, and 14 consecutive years, respectively. SAIC Motor has been on the list for 13 consecutive years, ranking 93rd, and continues to remain in the top 100. Greenland Group has also been successfully shortlisted for the Fortune Global 500 for 13 consecutive years, and its overall ranking on the list is at the forefront among domestic real estate companies.
One thing that needs to be noted is that the operating conditions of Chinese Internet companies have generally recovered since 2023. Among the Chinese mainland companies on the Fortune Global 500 list, there are 5 Internet companies. In addition to Pinduoduo, which made the list for the first time, Alibaba dropped 2 places, while JD.com, Tencent and Meituan all improved their rankings. Among them, Meituan became the Chinese company with the largest ranking improvement in the Fortune Global 500 list, jumping 83 places to 384th.
Original title: "2024 Fortune Global 500 released, the number of companies headquartered in Shanghai increased to 13"
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