The latest rankings for China’s 500 largest private enterprises were released on September 10th. It proved to be a harvest year for Shandong province, which had 52 companies to have been included on the list.

The list was issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020 held in Beijing.

According to the list, Shandong Weiqiao Pioneering Group broke into the top 20 with annual revenue of 279.28 billion yuan ($40.86 billion), ranking 13th on the list and the leading private enterprise in Shandong.

Zhejiang and Jiangsu were the two provinces with the largest number of enterprises on the list,  96 and 90 respectively, while Shandong ranked fourth, with 52 private enterprises ranking in the list.

The total revenue of the top 500 private enterprises reached 30.17 trillion yuan in 2019, a year-on-year increase of 5.85%. Their total assets rose by 6.78% from a year earlier to 36.96 trillion yuan, and their net profits after tax grew by 8.06% to 1.39 trillion yuan.

According to the list, the top three companies in terms of revenue in 2020 were Huawei (858.833 billion yuan), Suning (858.833 billion yuan) and Amer International Group (613.899 billion yuan).