Jiangsu has 92 of China’s top 500 private companies for 2022, the second highest among provincial-level regions in the country, according to a ranking released at 500 Private Companies Summit held in Beijing on September 7.

Jiangsu’s companies on the list had a total business revenue of 6.05 trillion yuan, assets of 3.88 trillion yuan and profits of 165.25 billion yuan, with 13 enterprises surpassing the threshold of 100 billion yuan in business revenue.

In terms of innovation-driven growth, Jiangsu's enterprises on the list made R&D expenditure of 57.7 billion yuan, with 81,600 R&D personnel and 64,000 invention patents.

The enterprises paid 137.4 billion yuan in taxes, with 30 enterprises paying more than 1 billion yuan in taxes annually.

Among the 92 companies, there are 62 manufacturing firms, accounting for 67.39% of the total, and 18 service enterprises, or 19.57%.

The companies are from 22 industrial sectors, including 14, the largest group, in the ferrous metal smelting and rolling processing industry.

The summit also released a ranking of China’s top 500 manufacturing companies, including 82 from Jiangsu. Hengli Group ranked first nationwide, a historical record for Jiangsu’s firms.