China Private Firms 2026
Snapshot 2026-09-17. ACFIC 2025 private Top 500 (2025-08-28): JD.com CNY 11588.19bn No. 1, Alibaba 2nd, Hengli 3rd. 2024 revenue. Floor 270.23bn. Total 43.05tn. 2026 national list not posted.
Snapshot 2026-09-17. The main table follows the ACFIC 2025 Top 500 Chinese Private Enterprises, released in Shenyang on 28 August 2025. It ranks firms by 2024 operating revenue. The 27th large-firm survey covered 6,379 private firms with 2024 revenue of 10 billion yuan or more. The floor is 270.23 billion yuan. Combined revenue is 43.05 trillion yuan. JD.com is first at 11,588.19 billion yuan. A 2026 national list had not been posted by this snapshot. The all-ownership China 500: China 500 2026.
ACFIC 2025 private Top 500, first 30
Figures in CNY billions. Rank follows the ACFIC revenue list.
| # | Firm | Province | Revenue (CNY bn) |
|---|---|---|---|
| 1 | JD.com | Beijing | 11588.19 |
| 2 | Alibaba (China) | Zhejiang | 9817.67 |
| 3 | Hengli Group | Jiangsu | 8715.21 |
| 4 | Huawei Investment & Holding | Guangdong | 8620.72 |
| 5 | BYD | Guangdong | 7771.02 |
| 6 | Tencent Holdings | Guangdong | 6602.57 |
| 7 | Zhejiang Rongsheng Holding | Zhejiang | 6586.02 |
| 8 | Zhejiang Geely Holding | Zhejiang | 5748.26 |
| 9 | Shenghong Holding | Jiangsu | 5656.23 |
| 10 | Shandong Weiqiao Pioneering | Shandong | 5585.33 |
| 11 | Legend Holdings | Beijing | 5128.06 |
| 12 | Zhejiang Hengyi Group | Zhejiang | 4518.00 |
| 13 | Midea Group | Guangdong | 4090.84 |
| 14 | Tsingshan Holding | Zhejiang | 4066.40 |
| 15 | Jingye Group | Hebei | 3685.69 |
| 16 | Xiaomi | Beijing | 3659.06 |
| 17 | CATL | Fujian | 3620.13 |
| 18 | Meituan | Beijing | 3375.92 |
| 19 | Taikang Insurance | Beijing | 3270.64 |
| 20 | Xinfa Group | Shandong | 3028.94 |
| 21 | SF Holding | Guangdong | 2844.20 |
| 22 | Jiangsu Shagang Group | Jiangsu | 2706.49 |
| 23 | Hailiang Group | Zhejiang | 2602.24 |
| 24 | Beijing Jianlong Heavy Industry | Beijing | 2463.52 |
| 25 | Tongwei Group | Sichuan | 2413.80 |
| 26 | Jinan Iron & Steel Group | Hebei | 2413.21 |
| 27 | Tianneng Holding | Zhejiang | 2280.36 |
| 28 | Duofu International | Zhejiang | 2189.43 |
| 29 | Wanxiang Group | Zhejiang | 2138.25 |
| 30 | CMOC Group | Henan | 2130.29 |
Manufacturing private Top 500, first 10
Same-day list. Hengli Group is first on the manufacturing board for a fourth year.
| # | Firm | Revenue (CNY bn) |
|---|---|---|
| 1 | Hengli Group | 8715.21 |
| 2 | Huawei Investment & Holding | 8620.72 |
| 3 | BYD | 7771.02 |
| 4 | Zhejiang Rongsheng Holding | 6586.02 |
| 5 | Zhejiang Geely Holding | 5748.26 |
| 6 | Shenghong Holding | 5656.23 |
| 7 | Shandong Weiqiao Pioneering | 5585.33 |
| 8 | Legend Holdings | 5128.06 |
| 9 | Zhejiang Hengyi Group | 4518.00 |
| 10 | Midea Group | 4090.84 |
Services private Top 100, first 10
Same-day list. JD.com is first on the services board for a fifth year.
| # | Firm | Revenue (CNY bn) |
|---|---|---|
| 1 | JD.com | 11588.19 |
| 2 | Alibaba (China) | 9817.67 |
| 3 | Tencent Holdings | 6602.57 |
| 4 | Meituan | 3375.92 |
| 5 | Taikang Insurance | 3270.64 |
| 6 | SF Holding | 2844.20 |
| 7 | Duofu International | 2189.43 |
| 8 | DiDi | 2067.99 |
| 9 | Ant Group | 1777.88 |
| 10 | Zhongsheng Group | 1681.24 |
Personal fortunes: China rich list 2026. Global 500: global companies 2026.
How this list is ranked
Snapshot 2026-09-17. The main table follows the top 30 of the ACFIC 2025 Top 500 Chinese Private Enterprises, ranked by 2024 operating revenue. A 2026 national list had not been posted by this snapshot. China 500 including SOEs: China 500 2026. Personal fortunes: China rich list 2026. Global 500: global companies 2026.
| Source | Snapshot | Basis | Weight |
|---|---|---|---|
| ACFIC 2025 private Top 500 | Released 2025-08-28 | 27th large-firm survey; image list. Totals in the report | Primary (official) |
| ACFIC 2025 release report | 2025-08-28 | Floor 270.23 billion yuan; total 43.05tn yuan; profit 1.80tn; 6,379 surveyed; 29 on Fortune Global 500 | Primary (totals) |
| Sina search top 10 | Same list | JD 11588.19 / Alibaba 9817.67 / Hengli 8715.21 | Primary (top 10 check) |
| Provincial reprint of full tables | Reposted 2025-08-31 | Consecutive top 30 in CNY 10,000 units; manufacturing and services lists | Primary (ranks 11–30) |
| Xinhua English 2025-08-28 | 2025-08-28 | JD.com first | Support |
| China News Service via ACFIC | 2025-08-28 | JD first for four years at CNY 1.15tn; Hengli manufacturing first for four; JD services first for five | Support |
| Manufacturing Top 500 · Services Top 100 | Same day | Official image lists | Aux |
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China Private Firms Tier List 2026
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