E-commerce giant JD.com tops list of China's 500 largest private firms

SHENYANG -- China on Thursday unveiled the latest rankings of its 500 largest private enterprises, with e-commerce giant JD.com claiming the top spot, reflecting the robust growth of the country's private sector.

The list, compiled by the All-China Federation of Industry and Commerce (ACFIC), was released at the 2025 China Top 500 Private Enterprises Summit in Shenyang, capital of Liaoning province.

JD.com, Alibaba (China) Co Ltd and Hengli Group Co Ltd retained the top three positions on the list for the fourth consecutive year.

This is the 27th survey of large-scale private enterprises organized by the ACFIC. A total of 6,379 enterprises with an operating revenue exceeding 1 billion yuan (about $140.72 million) each in 2024 participated in the survey this year. The ACFIC has released the top 500 list according to their operating revenues.

According to the survey, the entry threshold in terms of operating revenue for China's top 500 private enterprises rose to around 27 billion yuan in 2024, with their total operating revenue reaching 43.05 trillion yuan, reflecting continued growth in overall scale.

Among them, JD.com reported annual revenue of approximately 1.16 trillion yuan, becoming the first private company in China to surpass the trillion-yuan mark.

The operational efficiency of the top 500 enterprises has continued to improve, with 361 companies reporting year-on-year revenue growth last year. Their combined net profit reached 1.8 trillion yuan, averaging about 3.6 billion yuan per company, a 6.48 percent increase from the previous year.