Shenzhen Photo: VCG

 

Guangdong Province in South China, a major manufacturing hub and economic powerhouse, has released a list of the province's top 100 private enterprises in 2022 in terms of revenue, with low-profile electronic and new material company Amer International Group replacing Huawei to take top spot, while Huawei is listed at the second place.

They are followed by tech firm Tencent, property developer Country Garden and the rapidly growing China Merchants Bank, the list showed. Other companies in the top 10 include Midea, TCL, BYD, SF Express and Gree. 

The combined revenue of the top 100 private enterprises in Guangdong reached 7.4 trillion yuan ($1.03 trillion) in 2022, almost equivalent to the GDP of Indonesia, the world's 16th largest economy, last year. The threshold for qualified candidates was 10.26 billion yuan in 2022, maintaining the range above 10 billion yuan despite a small drop compared with last year's 12.06 billion yuan

In terms of net profit, the total profit of the 100 private companies hit a record high of 759 billion yuan, which translated to an annual average growth rate of 30 percent. 

Most companies appearing on the list are in sectors including manufacturing, new energy, internet, electronic information, finance, property and home appliance, as well as other services sectors.

Out of the top 100 private firms, China's "Silicon Valley" Shenzhen is home to 53 and the city is home to the top three complanies: Amer, Huawei and Tencent. 

While Huawei's fall is mostly due to the spin-off of sub-brand Honor, the list also shed light on the No1 private company in Guangdong, low-profile Amer International Group. According to the company's official website, the company mainly focuses on the whole industry chain of new electronic information and new materials and is the world's leading new metallic materials producer. The company employs over 18,000 workers.

The company owns more than 40 industrial parks across China, including Shenzhen New Metallic Materials Industrial Park, Ganzhou New Metallic Materials Industrial Park in East China's Jiangxi Province, and Tongling New Metallic Materials Manufacturing Industrial Park in East China's Anhui Province.

Observers said that the rise of Amer is partly due to the bulk commodity price hikes since the beginning of the year, which ballooned the company's income and profitability. In 2021, the company achieved revenue of 722.75 billion yuan. 

According to a statement on the company's website, Amer also ranked 4th among the China Top 500 Private Enterprises and 2nd among the China Top 500 Private Manufacturing Enterprises. 

"The company mainly supplies products to business clients, and that's why it remains little known to the public," Liu Dingding, a Beijing-based veteran market analyst, told the Global Times on Tuesday. 

According to the Hurun Global Rich List 2022, the founder of Amer Wang Wenyin, also known as the "copper king of the world," is ranked No. 120 globally with a wealth of 100 billion yuan.

Analysts said the list reflects a vibrant Chinese private economy led by manufacturing upgrade and high-tech innovation. Last year, economic value generated by the private economy rose 7.8 percent to reach 6.78 trillion yuan in Guangdong. And the private sector also provides over 60 percent of the employment in the province.  

Global Times