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The 2025 Fortune Global 500 list, released on July 29, includes ten Shenzhen-based companies such as Ping An, Huawei, BYD and Tencent. Huawei rose 20 places to 83rd, returning to the top 100, while BYD climbed 52 places to 91st, entering the top 100 for the first time.
Overview
On July 29, 2025, Fortune magazine released its 2025 Fortune Global 500, a ranking of the world's largest companies by revenue. Ten companies headquartered in Shenzhen made the list. According to the Shenzhen municipal government and Shenzhen News Network, Ping An Insurance was the highest-ranked Shenzhen company at 47th. Huawei rose 20 places to 83rd, returning to the top 100 after two years, and BYD climbed 52 places to 91st, entering the top 100 for the first time.
Background
The 500 companies on this year's list generated combined revenue of about US$41.7 trillion, up roughly 1.8% and equivalent to more than one-third of global GDP. The revenue threshold for entry rose from US$32.1 billion to US$32.2 billion, and combined net profit increased by about 0.4% to roughly US$2.98 trillion. China had 130 companies on the list, three fewer than a year earlier, ranking second after the United States. Walmart topped the list for the 12th consecutive year.
By sector, ten Chinese automotive and auto parts companies made the list; BYD, Chery and Geely moved up, while the other seven moved down. Among internet companies, JD.com, Alibaba, Tencent, PDD and Meituan all rose in the rankings. The Shenzhen companies on the list span finance, telecommunications equipment, automobiles, the internet, logistics and electronics manufacturing, reflecting the diversity of the city's industrial structure.
Key Points
| Company | 2025 rank | Note |
|---|---|---|
| Ping An Insurance | 47 | Highest-ranked Shenzhen company |
| Huawei | 83 | Up 20 places; back in top 100 |
| BYD | 91 | Up 52 places; first time in top 100 |
| Tencent | 116 | Up 25 places |
| China Merchants Bank | 193 | |
| Vanke | 319 | |
| SF Express | 393 | |
| Shenzhen Investment Holdings | 414 | |
| Luxshare Precision | 423 | Up 65 places |
| China Electronics Corporation (CEC) | 427 |
- Ping An: Revenue of about US$158.6 billion; on the list for 16 consecutive years and ranked ninth among global financial companies.
- Huawei: Revenue of about US$119.8 billion. All five of its business segments reportedly grew in 2024, with automotive-related revenue increasing several-fold.
- BYD: Sold 2.146 million vehicles in the first half of 2025; overseas sales of about 470,000 units already exceeded its full-year 2024 overseas sales.
- Tencent: Spent 70.69 billion yuan on R&D in 2024. It ranked ninth on the list of the ten companies with the highest profit margins, with China Merchants Bank tenth.
- Luxshare Precision: Plans a Hong Kong listing to create an "A+H" structure and is exploring new production bases in Southeast Asia and North America.
Implications for Japan–Shenzhen Exchange
Many of the Shenzhen companies on the list have links to the Japanese market. BYD announced its entry into Japan's passenger car market in 2022 and has been expanding its EV sales network, while Huawei and Tencent also do business in Japan. The growth and globalization of Shenzhen's leading companies mean that, for Japanese firms, they are both competitors and potential partners in areas such as components, materials and technology cooperation, and they are drawing attention accordingly.
In the automotive sector in particular, BYD's growing overseas sales and the expansion of Huawei's automotive business show Shenzhen companies increasing their presence in electric and smart vehicles. How their relationship with Japan's automotive and parts industries develops is attracting interest, and the overseas expansion of Shenzhen firms into Japan may also create more opportunities for exchange in talent, technology and services.
Outlook
The ranking is based on revenue for the previous fiscal year, and future positions will depend on each company's performance as well as exchange-rate movements. How Shenzhen companies' overseas expansion, including in Japan, proceeds will become clearer from the companies' own future announcements.
From the Association
The Association will continue to follow the growth and international expansion of Shenzhen companies. We remain committed to creating opportunities for Shenzhen and Japanese companies to get to know each other and explore possibilities for cooperation.
Sources
This article is based on publicly available information and is provided for reference only; accuracy and completeness are not guaranteed.