On July 10, the 2019 Fortune China 500 List, measuring Chinese listed companies' performance over the past year, named 86 companies, nearly one fifth of all, in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA). The top three companies include Ping An Insurance, Evergrande Group and CITIC Limited.

Real economy becomes mainstay of GBA development

According to the Fortune China 500 List, the total revenue of the 500 companies created a record of 45.5 trillion yuan, an increase of nearly 15 percent year on year, while the total net profit rises 4.21 percent to 3.625 trillion yuan, each earning an annual revenue of over 16.2 billion yuan.

Sinopec Group, China National Petroleum Corporation and China State Construction Engineering Corporation topped the list. Ping An Insurance maintained first place among non-SOEs. New faces such as Xiaomi MI and Meituan also received high rankings.

According to Guangdong government statistics, 86 companies are based in the GBA, accounting for the largest part of the 500 companies. These GBA enterprises, contain 32 based in Shenzhen, 27 in Hong Kong, 13 in Guangzhou, 6 in Foshan and 6 in other Guangdong cities. The growth of the real economy shows the GBA’s economic strength and vitality, according to Peng Peng, Vice-President of Guangdong Comprehensive Reform and Development Research Institute.

9 companies in GBA first enter the list

The internet industry has played an increasingly important role in the renovation and development of the GBA.

Eleven of The 40 Most Profitable Companies come from the GBA, taking up nearly 30 percent of the total. The most profitable company is Ping An Insurance with a profit of 107.4 billion yuan.

Nine GBA companies first entered the list, such as VSTECS in HK, Midea Real Estate Group in Foshan and Guangzhou Rural Commercial Bank. Globally speaking, the GBA, especially the Pearl River Delta, is a manufacturing center of the world. The ongoing transformation and upgrading of the manufacturing, combined with internet technologies, will boost prospects in the GBA, according to Peng.

Authors: Will, Pu Enling

Editor: Chris