(Photo credit: VCG)

On the morning of August 22, the National Federation of Industry and Commerce released a report on Top 500 China's Private Enterprises 2019 in Xining of Qinghai Province. 19 Wenzhou's enterprises were included on the list of the Top 500, among which 11 are based locally and 8 out of Wenzhou. On the list, Wenzhou's Tsingshan Holding Group and Tsingtuo Group, with an annual business income of RMB 226.501 billion and 110.364 billion respectively, ranked within top 50, triggering a wide concern.

It was reported that the entry threshold for the Top 500 Private Enterprises registered a sharp rise from an annual revenue of RMB 15.684 billion in 2018 to RMB 18.586 billion in 2019.

According to reporter's investigation, there have been no significant changes in the number of local enterprises included in the China's Top 500: 18 in 2016, 16 in 2017, and 15 in 2018. Wenzhou's Tsingshan Holding Group, the first enterprise in Wenzhou with an annual business income up to over RMB 100 billion, has taken the lead on the list of the Top 500 in recent years. It ranked 18th in 2018, up 5 places over the previous year. Surprisingly, Tsingtuo Group, under Tsingshan and founded in Ningde of Zhejiang Province, ranked 48th.

In the atlas of China's steel private enterprises' capital system, Tsingshan Holding Group cannot be underestimated. Founded in 1992 and headquartered in Longwan District of Wenzhou,, the company is a multinational group that holds controlling stocks of more than 30 companies，and has over 30,000 employees. Tsingshan mainly produces stainless steel ingots, bars, plates, wires, seamless pipes and other products. The products are widely used in the industries of petroleum, chemistry, machinery, electrical power, automobiles, shipbuilding, aerospace, foodstuffs, pharmacy and decoration. Tsingtuo Group is one of the six major groups under Tsingshan. Tsingtuo has more than 10 subsidiaries, mainly engaged in nickel and iron smelting, backwashing, and the making of steel blank, hot or cold rolled coils as well as the deep processing of related downstream products. Tsingtuo boasts the largest stainless steel production base in China.

Local private enterprises, such as Chint, Delixi, People's Electrical Appliance, Huafeng, Senma, Huayi, Aokang and others based in Wenzhou, and Vipshop, Xinhu, Yilian Holding, and Junyao headquartered out of the city have entered China's Top 500 multiple times, in which Chint and Vipshop ranked among the top 100. Shanghai Zhongliang Enterprise Development Co., Ltd., and Dover International Holdings Group Co., Ltd. are the "freshmen" among the Top 500.

It is reported that the inscription of a company on the list of China's Top 500 Private Enterprises is mainly based on the company's annual business income with its net assets, net profit, tax-paying amount, and other related indicators taken into consideration. Wenzhou's enterprises on the list feature focusing on industry, doing the best for their main business, persisting in innovation, constantly improving core competitiveness, and actively participating in the implementation of national major strategies, and playing an important role in promoting the high-quality development of the private economy. It is understood that Huawei Investment Holdings Co., Ltd., with a business income of RMB 721.202 billion, ranked first among the China's Top 500 Private Enterprises for the fourth time. 

(Executive Editor: Wenxi Yang)