The latest rankings for China's 500 largest private enterprises are issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020 in Beijing on Sept 10. [Photo/All-China Federation of Industry and Commerce]

The latest rankings for China's 500 largest private enterprises were released on Sept 10, with Hangzhou-based companies registering overall growth in 2019.

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. 

The threshold for the 500 largest private enterprises stood at 20.2 billion yuan ($2.96 billion) in revenue, up by 1.62 billion yuan from 2018.

This year, 39 Hangzhou-based enterprises were listed, making Hangzhou home to the largest number of top 500 private firms among all Chinese cities for 18 consecutive years.

Among them, Geely Holdings ranked 10th in the national list and kept its leading role in both Hangzhou and Zhejiang. The carmaker reported business revenue of 330.82 billion yuan ($48.4 billion) in 2019, up 2.3 billion yuan year on year.

Geely's Lynk & Co 01 model is displayed at Shanghai auto show. [Photo/China Daily]

GreatStar Group was the biggest dark horse, rising from 302nd in 2019 to 146th in 2020. The machinery manufacturer strengthened core businesses including hand tools, forklifts, and robots, merged with North American doors and molding manufacturer Prime-Line, and built a logistics and post-sales service center on the West Coast.

Hangzhou companies Best Logistics, Yunda Express, STO Express, New Century Tourism Group, and Xingrigang Holdings Group were newcomers to the list this year.

In addition, 26 Hangzhou enterprises ranked among the top 500 private enterprises in the manufacturing industry and six were listed in the top 100 private enterprises in the service industry.