The All-China Federation of Industry and Commerce unveiled its 2023 list of China's top 500 private enterprises on September 12. Jiangsu has 89 companies recognized on the list, making it the second-highest contributing province.

In sector-specific rankings, Jiangsu has 82 companies of China’s top 500 in the manufacturing industry and another 10 in the top 100 service industry enterprises.

The revenue thresholds for entry into these three lists were about 27.58 billion yuan, 14.52 billion yuan and 31.4 billion yuan, respectively.

Jiangsu’s top five private enterprises are Hengli Group, Shenghong Holding Group, Shagang Group, Nanjing Iron and Steel Group, and GCL Group. Suzhou-based Hengli Group secured the third position among China’s top 500 and topped the list in the manufacturing sector. GCL Group, which specializes in PV power, energy storage and charging, ranked 40th overall.

In financial terms, 11 Jiangsu enterprises on the list each generated revenue of more than 100 billion yuan, while 33 companies reported revenue of more than 50 billion yuan.

Collectively, Jiangsu enterprises spent 66.3 billion yuan on research and development, leading or participating in the establishment of over 2,600 national and industrial standards.

Moreover, 30 Jiangsu enterprises contributed more than 1 billion yuan each in annual tax payment, and nine enterprises had export values of more than 1 billion dollars.

The private companies on the list are distributed across 11 cities within the province, with Suzhou and Wuxi well-represented.