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Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) has topped the list of China's largest 500 corporations for the eight consecutive year, according to a report released by the China Enterprise Confederation and the China Enterprise Directors Association.
The top 500 companies reported a combined ¥44.9 trillion in revenues last year, up 23.7% from 2010. Sinopec's revenue was ¥255.2 billion and the smallest of the 500 companies posted ¥17.51 billion.
310 state-owned firms and 190 privately-owned firms made the list, with the former group overwhelming the latter in terms of revenue, profits and assets.
The state-owned enterprises on the list saw their revenue rise by an average of 22.2% to a combined ¥36.8 trillion in 2011; their revenues were 4.52 times that of private enterprises. State-owned firms also saw their net profits grow by an average of 22.8% to ¥2.1 trillion during the same period; their net profits were 7 times that of private enterprise; while their total assets amounted to ¥116.7 trillion, 8.7 times more than their private sector peers.
All of the top 30 companies were state-owned. The top 10 companies, which included seven banks, two oil giants and one electricity distributor, were responsible for 23.4% of all the 500 companies' total revenue.
$1 = ¥6.34
@2011 China Economy @ The China Perspective.
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