12 Shanghai-headquartered companies make Fortune Global 500 list

Twelve companies headquartered in Shanghai have made the 2025 Fortune Global 500 list, released on July 29, placing the city fourth worldwide in terms of the number of Global 500 companies, behind only Beijing, Tokyo, and New York.

The Fortune Global 500 list ranks the world's largest companies by revenue and is compiled annually by Fortune magazine.

Among the Shanghai-based firms, PDD Holdings stood out with a remarkable rise. After debuting on the list last year at No 442, it climbed 176 spots to No 266 this year, marking the biggest leap among Chinese companies and the second fastest globally.

PDD Holdings' sharp rise was fueled by explosive revenue growth. In 2024, it recorded total revenue of 393.84 billion yuan ($54.74 billion), a 59 percent increase year-on-year.

The company also ranked first among Chinese firms in return on equity, a key measure of profitability calculated by dividing net income by shareholders' equity. Its net income attributable to ordinary shareholders reached 112.44 billion yuan in 2024, up 87 percent from the previous year.

Another Shanghai-headquartered company that saw a notable rise in the rankings is China Pacific Insurance (Group), which climbed 80 places from No 331 to No 251, with 2024 revenue of 404.09 billion yuan, up 24.7 percent year-on-year. Net income attributable to the parent company's shareholders reached 44.96 billion, an increase of 64.9 percent.

Aside from PDD Holdings, the other Shanghai-based companies on the list are all long-standing members.

China Baowu Steel Group has appeared for 22 consecutive years, followed by SAIC Motor (21 years), COSCO Shipping (18), Bank of Communications (17), China Pacific Insurance (Group) (15), and Greenland Holding Group (14).

The 12 Shanghai-headquartered companies on this year's list are:

· China Baowu Steel Group (No 73)

· SAIC Motor (No 138)

· Bank of Communications (No 168)

· COSCO Shipping (No 212)

· China Pacific Insurance (Group)  (No 251)

· PDD Holdings (No 266)

· Shanghai Pudong Development Bank (No 309)

· Susun Construction Group (No 338)

· Shanghai Construction Group (No 374)

· Shanghai Pharmaceuticals Holding (No 407)

· Shanghai Delong Steel Group (No 467)

· Greenland Holding Group (No 480)

A total of 130 Chinese companies made the 2025 Global 500 list.

Among the global top 10, Walmart claimed the top spot for the twelfth consecutive year, followed by Amazon, the State Grid of China, and Saudi Aramco.

China National Petroleum rose one spot to fifth, ahead of Sinopec Group, UnitedHealth Group, Apple, CVS Health, and Berkshire Hathaway.