Nine Guangdong-based companies earned more than 100 billion yuan (US$15 billion) in revenue last year, according to a new report on the province’s top 100 companies by revenue, according to Yicai.com.
The is an increase from 2015, when there were only two companies on the list. Companies such as Huawei, China Vanke, Guangzhou Evergrande, Country Garden, Amer International, Midea, Cedar Holdings, BYD and TCL made up the nine companies.
The increase in revenue mirrors the rise in provincial GDP, which rose 7.8% in 2016 from 2015, the report added.
At least 72 companies in the province also reported more than 10 billion yuan in revenue last year, the report said, which is 16 more than in 2015.
More than half of the top 100 Guangdong companies ranked by revenue were from the manufacturing sector (51 companies), with 13 wholesale and retail companies, and nine property developers — a reflection of the importance of the manufacturing sector to the province.
In terms of geography, Shenzhen tops the list with 40 companies, followed by Guangzhou with 23 and Foshan with 15.