Five Shanxi companies made the list of Fortune 500 enterprises and 10 were listed in the top 500 Chinese companies, according to a news conference held to release the list of 2016 top 100 Shanxi companies on Nov 29.

Datong Coal Mining Group ranked first in the top 100 companies with revenue of 200.68 billion yuan ($29.12 billion), followed by Shanxi Coking Coal Group (195.06 billion yuan) and Lu An Group (180 billion yuan). There were five businesses generating more than 100 billion yuan in revenue.

The total assets of the local top 100 businesses amounted to 2698.67 billion yuan, up 10.56 percent compared with 2015, while their revenues hit 1621 billion yuan, a decrease of 12.99 percent, showing a reduction in business profitability.

Half of the top 100 businesses in Shanxi are located in Taiyuan and Changzhi, proving their strength in the economic growth of the province.

The secondary sector still forms the core of Shanxi's economy as 75 percent of businesses on the list were engaged in the coal industry and equipment manufacturing. The tertiary sector needs to be further developed in terms of scale, structure, competiveness and specialization for 15 businesses on the top 100 companies list from that sector were losing money.

The list of the top 100 Shanxi companies was initiated by Shanxi Enterprise Association and Shanxi University of Finance & Economics in 2004. It is divided into three parts: the top 100 companies in the comprehensive, manufacturing and service industries. Net profit, assets, revenue and other elements are also taken into account when the institutions rank the companies.

During the news conference, organizers also announced the latest innovation achievements by Shanxi enterprises in terms of business management with 28 projects receiving awards.