A distant look at Hangzhou's riverside CBD area. [Photo/Hangzhou Daily]

Hangzhou has announced its 2025 list of headquarters enterprises, with a record 693 companies recognized — 50 more than last year — underscoring the city's growing economic density and innovation capacity.

Industry leaders such as Alibaba Group, Hikvision and Geely Holding Group are among those on the list. The headquarters enterprises are linked to nearly 2,700 major affiliated companies in Hangzhou, up 200 year-on-year.

After a comprehensive evaluation, 20 companies earned five-star headquarters ratings, 30 achieved four-star ratings and 50 received three-star ratings. By revenue scale, 88 headquarters enterprises reported annual revenues exceeding 10 billion yuan ($1.46 billion), including 11 with revenues surpassing 100 billion yuan — five more than last year.

According to the Hangzhou municipal development and reform commission, the total operating revenue of the city's headquarters enterprises reached 4.93 trillion yuan in 2025, an increase of 210 billion yuan compared with 2024.

Hangzhou has strengthened policy support through tiered recognition, digital service platforms enabling full online processing, and incentive packages covering land use, office space and talent recruitment. The city has also implemented a targeted investment program to attract leading State-owned enterprises, Fortune Global 500 companies and major private conglomerates.

Nine Hangzhou-based headquarters enterprises are currently listed among the Fortune Global 500, ranking fourth nationwide, while 38 are included among China's Top 500 Private Enterprises, maintaining the city's top national position for 23 consecutive years.

A robot officer directs traffic at an intersection. [Photo/Hangzhou Daily]