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12 Guangdong-based enterprises on the 2018 Fortune Global 500 List

Guangdong-based companies filled 12 places on The Fortune Global 500 list for 2018, which was released on July 19.

A grand total of 120 Chinese companies (up from 115 last year) appear on this year's list, a 15th-straight-year that the country's companies have increased their presence on the list.

The Fortune Global 500 is an annual ranking based on revenue.

According to Fortune, the 500 companies for 2018 together reached a record high $1.88 trillion profit, a 23% increase year-over-year. Their total revenue amounted to $30 trillion.

Non-state owned companies and tech giants are moving up the list fast, ten of the listed Guangdong enterprises are private companies.

For instance, a newcomer of the list, Cedar Holdings Group is a Guangzhou-based private company engages in the provision of emerging, public, and financial services.

The company had made a revenue of 157 billion yuan and ranked 16th among China’s top 500 private companies. Last year, its revenue has reached to 221 billion yuan, up 38.4% year-on-year.

Another private company from Foshan, the property developer Country Garden, which entered the list for the first time in 2017, ranked 353rd, rising 114 posts compared with last year .

For Huawei Technologies, which spends the most investment in research and development (R&D) among the 12 Guangdong enterprises in the list. Currently, R&D spending accounts for 15% of the company’s total revenue.

Related:

62 Guangdong enterprises included in Fortune China 500 list

Four Guangdong companies among world's 100 most valuable brands

Reported by Will

Edited by Olivia

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