China’s state-owned enterprises climb in rankings of world’s largest companies

BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/36

The 2015 Fortune Global 500 rankings include 98 Chinese firms (includes companies headquartered in Hong Kong), up from 10 Chinese firms in the year 2000. 128 US-based firms and five Russian firms also made this year’s list. The list is based on reported total revenues for the financial year ending March 31 or before. China’s state oil company Sinopec rose to the number-two spot this year. All twelve of the biggest Chinese firms are state-controlled, mostly banks or companies in the energy sector. Only 22 of the 98 Chinese firms listed were private.

2014 - 2015 rankings of world’s largest companies by total revenue
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Source: Fortune Global 500

The skyrocketing rise in share prices in the first half boosted the market capitalisations of Chinese firms, catapult-
ing them into the highest tier of global firm valuations. US firms occupied five of the top spots in the Financial Times FT Global 500 list as of end-March. The company with the world’s highest market capitalisation was Apple ($725 billion). Petro China ($330 billion) rose to sixth position on the FT list and ICBC ($275 billion) to ninth.

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