After reaching its zenith with 351 firms in 2022, China’s standing in the Global 2000 has been on a gradual declination. The challenges posed by stagnant local spending and the looming threat of a trade conflict between the U.S. and China have started to exert pressure on the businesses in China. In the 2025 Global 2000 rankings, which includes Hong Kong, the total tally of Chinese firms fell to 317 from 324 the previous year.
Despite these dips, China maintains its position as the country with the second highest number of firms on the list, only behind the U.S. However, this count has also been on a downslide for three consecutive years since reaching its highest point in 2022. The collective revenues of Chinese firms present on the list remained somewhat stagnant over the last 12 months, hovering around $8.7 trillion, but the combined assets slightly increased to $62 trillion.
Banks, particularly heavyweights, continue to dominate the list. The most prominent Chinese company on the list is the Industrial and Commercial Bank of China (ICBC), rising to the 3rd spot, an improvement from the previous year. The ICBC also tops the global list in terms of asset size with a behemoth $6.7 trillion figure and ranks as the most profitable among Chinese firms with a net profit of $51 billion over the past year.
Two more state-controlled banks, the China Construction Bank and the Agricultural Bank of China, find their positions in the top 10, ranking at 7th and 8th respectively. The highest-ranking company that is not state-owned is the insurance behemoth Ping An, which stands at 27th position. Following closely are the internet giants Alibaba Group Holding and Tencent Holdings, securing the 33rd and the 37th spot respectively.
Tencent’s shares, in particular, have seen a surge owing to the recent rally in Chinese tech stocks. When it comes to revenues, China Petroleum & Chemical, also known as Sinopec, emerges as the largest revenue earner with $390 billion in sales over the previous year. However, not all Chinese firms have had a positive ride, with more than half experiencing a dip in their rankings compared to last year.
The most notable drop was witnessed by dairy producer China Mengniu Dairy, which slid 485 spots landing at No. 1849. Its net profit saw a drastic reduction of 98% to a mere $14 million, a downfall largely attributed to losses incurred by the firm’s Australian subsidiary Bellamy, a producer of infant formula.
Withstanding the rough tide, a noteworthy ascent was made by the EV manufacturing company Seres Group, escalating 782 positions to settle at No. 904. After a successful collaboration with tech behemoth Huawei, the company launched its Aito smart EV series in 2021. This endeavor enabled the firm to overtake BMW as the leading luxury car brand in China, with sales reaching 151,000 units last year.
Examining the sectors, banking (with 51 entities) can be identified as the segment with the highest representation of Chinese companies, followed by construction and real estate sectors with 43 firms. Unfortunately, most companies in this sector have seen their rankings dwindle in the wake of China’s ongoing property market slump.
A surprising comeback was made by the beleaguered real estate developer Country Garden Holdings, currently undergoing debt restructuring. It resumed its trading activities on the Hong Kong stock exchange in January following a 10-month pause due to a delay in submitting its 2023 financial results.
Of the newcomers on the list this year, the bubble tea chain Mixue Group has caught the industry’s attention. Having registered itself on the Hong Kong Stock Exchange in March, this food and beverage giant has evolved into the world’s largest chain by store count, boasting over 46,000 outlets.
Another addition to the roster is the toy company Pop Mart International Group. The company’s shares have seen a staggering five-fold increase in the last year, in part thanks to the popularity of their signature product – the rabbit-like Labubu doll. The increase in their visibility can be attributed in part to pop sensations such as Rihanna being spotted carrying the doll.
In contrast, 30 Chinese companies that found a place on the list last year have been removed this year. This list includes three manufacturers of solar panels. The most prominent among these companies is Jinko Solar, ranked at No. 1044 last year, it lost its place due to a 99% dip in net profit to $14 million. This dip was primarily because of steep competition leading to a sharp drop in prices of photovoltaic products.