Banks with hot IPOs, plus surging energy demand, propelled a dozen new arrivals onto our list of China's largest companies.
By Rupali Arora, Fortune
August 28 2007: 5:56 AM EDT
(Fortune Magazine) -- A rush of listings on the Hong Kong and Shanghai exchanges added a dozen newcomers to Fortune's annual list of China's 100 largest publicly traded companies. One of them had the largest share offering in the world: Industrial & Commercial Bank of China, which raised $21.9 billion last October. As China's biggest bank by revenue and Asia's most profitable bank, with profits of $6.2 billion last year, it grabbed the No. 4 spot on this year's list.
The Bank of China, which also had a successful IPO, debuted at No. 5. While China's economy grew nearly 11 percent last year, the revenue cutoff for this year's list rose 46 percent, to $1.9 billion, compared with last year's $1.3 billion.
The country's gnawing demand for energy helped keep China Petroleum & Chemical (Charts) in its No. 1 position for the seventh year in a row, with revenue up almost 34 percent, to $134 billion.
State-owned companies continued to dominate the list, taking the top ten spots. The largest private company on the list, computer maker Lenovo, fell four places, to No. 11, even though its revenues rose 10 percent, to $14.6 billion.
The China 100 was compiled by the editors of Fortune China in cooperation with the Finet Group, a Hong Kong--listed company specializing in providing business information about China, and was first published in Fortune China. In compiling the list, Fortune China looked at Chinese companies listed on the stock exchanges in Shenzhen, Shanghai, Hong Kong, Singapore, London, and New York City. The companies are ranked by 2006 revenues. Figures were provided by the companies to the relevant stock exchanges and obtained from Bloomberg.
The China 100
2007 Rank
2006 Rank
Company
Revenues ($ millions)1
Profits ($ millions)1
Market value2 12/31/06 ($ millions)1
Industry
1
1
China Petroleum & Chemical
133,963.3
6,497.5
97,348.1
Oil and gas
2
2
Petro China
88,358.8
18,239.7
254,187.2
Oil and gas
3
3
China Mobile
37,878.6
8,467.6
172,890.8
Telecommunications
4
N.A.
Industrial & Commercial Bank of China
37,306.4
6,248.0
259,536.0
Banking
5
N.A.
Bank of China
31,060.2
5,372.5
165,653.0
Banking
6
6
China Construction Bank
29,036.7
5,940.6
143,302.9
Banking
7
8
China Life Insurance
23,428.0
1,231.3
96,651.3
Insurance
8
4
China Telecom
22,455.0
3,480.9
44,422.0
Telecommunications
9
5
Baoshan Iron & Steel
20,236.2
1,668.5
19,449.0
Metals
10
N.A.
China Communications Construction
14,733.1
410.3
14,688.9
Engineering and construction
11
7
Lenovo Group
14,627.8
161.1
3,144.7
Computers
12
10
China United Telecommunications
12,092.9
478.6
18,626.3
Telecommunications
13
11
CNOOC
11,407.2
3,966.3
41,256.4
Oil and gas
14
9
China Netcom Group (Hong Kong)
11,273.0
1,662.1
17,867.4
Telecommunications
15
13
Ping An Insurance
10,479.3
767.7
14,192.2
Insurance
16
18
Foxconn International Holdings
10,396.2
719.1
22,962.9
Electronics
17
12
Minmetals Development
9,807.6
68.1
776.3
Metals and mining
18
14
PICC Property & Casualty
9,150.1
267.0
5,728.0
Banking
19
15
China Resources
8,392.0
356.0
6,790.3
Diversified holdings
20
16
China Shenhua Energy
8,238.5
2,239.2
43,632.7
Energy
21
28
Aluminum Corp. of China
7,825.0
1,452.9
10,807.4
Metals
22
22
TPV Technology
7,186.6
152.0
1,231.5
Computers
23
38
Angang New Steel
7,001.7
877.8
7,904.1
Metals
24
37
Bank of China Hong Kong Holdings
6,751.5
1,804.7
28,744.1
Banking
25
25
China COSCO Holdings
6,539.8
260.5
3,524.9
Shipping
26
20
Sinopec Shanghai Petrochemical
6,473.8
94.5
4,962.6
Chemicals
27
21
Dongfeng Motor Group
6,189.7
266.9
4,185.2
Auto manufacturing
28
36
CITIC Pacific
6,033.9
1,060.9
7,535.3
Diversified holdings
29
26
China Southern Airlines
6,033.6
15.1
2,146.9
Airlines
30
27
Air China
6,028.3
409.3
7,571.6
Airlines
31
17
TCL
6,009.0
-247.8
782.8
Home appliances
32
24
Huaneng Power International
5,683.0
711.8
10,180.7
Electricity
33
19
Bank of Communications
5,543.4
1,624.8
55,711.4
Banking
34
30
Shanghai Electric Group
5,471.2
262.8
5,010.4
Power generation
35
23
Wuhan Iron & Steel Processing
5,298.7
499.8
6,393.0
Iron and steel
36
44
Shanxi Taigang Stainless Steel
5,140.9
310.8
4,455.9
Steel
37
40
China Merchants Bank
4,878.3
911.5
30,916.3
Banking
38
39
China Eastern Airlines
4,720.2
-356.5
1,921.8
Airlines
39
31
Maanshan Iron & Steel
4,401.4
292.0
3,678.7
Iron and steel
40
32
China International Marine Containers Group
4,253.6
355.5
4,980.9
Packages and containers
41
34
Hunan Valin Steel Tube & Wire
4,198.0
137.0
1,191.3
Iron and steel
42
33
Sinotrans
4,132.2
79.4
1,538.4
Logistics
43
N.A.
Shanghai Automotive
3,911.9
182.7
6,864.0
Auto manufacturing
44
35
China Shipping Container Lines
3,911.8
110.2
1,631.6
Shipping
45
N.A.
China Coal Energy
3,876.4
406.8
7,634.3
Energy
46
47
Shanghai Pudong Development Bank
3,831.3
430.0
11,901.6
Banking
47
29
TCL Multimedia Technology Holdings
3,760.6
-321.8
276.6
Home appliances
48
57
Harbin Power Equipment
3,731.7
131.4
1,464.2
Energy
49
43
China Minsheng Banking
3,698.9
491.4
13,299.7
Banking
50
82
Yunnan Copper
3,598.9
154.5
1,119.5
Metals
51
41
Tangshan Iron & Steel
3,550.9
183.2
1,627.6
Iron and steel
52
53
Shanghai Material Trading Center
3,498.2
8.9
264.7
Wholesale and retail
53
42
Jinan Iron & Steel
3,370.5
111.8
1,111.0
Iron and steel
54
58
COFCO International
3,335.9
127.0
2,826.5
Food
55
54
Chongqing Changan Automobile
3,292.8
82.9
1,729.3
Auto manufacturing
56
83
Jiangxi Copper
3,262.0
591.1
3,656.8
Metals
57
65
Suning Appliance Chain Store Group
3,196.8
92.4
4,196.5
Retail
58
62
Datang International Power generation
3,185.0
347.2
7,094.3
Electricity
59
63
GOME Electrical Appliances Holding
3,171.4
105.1
2,403.4
Home appliances
60
50
Bengang Steel Plates
3,166.6
211.8
2,143.6
Iron and steel
61
52
Laiwu Steel
3,119.6
95.7
725.0
Iron and steel
62
55
Digital China Holdings
3,109.9
28.1
284.9
Computers
63
60
Gree Electrical Appliances
3,052.6
80.6
1,226.1
Home appliances
64
46
ZTE
2,953.7
103.5
4,747.1
Telecommunications
65
51
Handan Iron & Steel
2,847.2
114.7
1,560.8
Iron and steel
66
49
Beijing Shougang
2,839.5
62.3
1,010.5
Iron and steel
67
N.A.
Sinofert Holdings
2,709.4
114.9
2,417.1
Fertilizers
68
59
Shanghai Construction
2,693.5
32.5
480.6
Engineering and construction
69
68
Xiamen C&D
2,690.5
55.7
648.7
Wholesale and retail
70
61
Shanghai Friendship Group
2,678.0
18.3
412.5
Wholesale distribution
71
48
Guangdong Midea Electric Appliances
2,582.7
64.8
958.0
Home appliances
72
71
Great Wall Technology
2,554.6
-15.7
239.3
Computers
73
78
Weiqiao Textile
2,542.6
216.1
1,612.3
Textiles
74
64
Qingdao Haier
2,516.6
40.3
1,414.7
Home appliances
75
N.A.
Eastern Communications
2,489.2
3.9
703.7
Telecommunications
76
73
Beiqi Foton Motor
2,476.6
6.1
358.0
Auto manufacturing
77
70
Sichuan Changhong Electric
2,405.6
39.2
1,027.3
Home appliances
78
N.A.
Anhui Tongdu Copper Stock
2,391.2
74.9
749.4
Metals
79
56
Inner Mongolian Baotou Steel Union
2,342.5
83.8
1,356.7
Steel
80
77
Huaxia Bank
2,319.0
186.9
3,980.5
Banking
81
98
China Vanke
2,289.0
276.3
8,623.6
Real estate
82
N.A.
Hunan Nonferrous Metals
2,278.3
57.9
1,983.5
Metals
83
76
AviChina Industry & Technology
2,194.4
-42.5
478.7
Auto manufacturing
84
88
Sinopec Kantons Holdings
2,185.1
20.1
268.6
Oil and gas services
85
67
Sinopec Yizheng Chemical Fibre
2,183.8
4.8
1,609.7
Oil and gas
86
89
Shanghai Zhenhua Port Machinery
2,155.6
205.5
4,525.5
Machinery
87
74
An Yang Iron & Steel
2,120.8
71.4
722.1
Iron and steel
88
75
Lianhua Supermarket Holdings
2,109.3
31.0
745.3
Retail
89
87
Inner Mongolia Yili Industrial Group
2,095.4
44.2
1,755.2
Food
90
N.A.
China Mengniu Dairy
2,083.5
93.3
3,605.6
Food
91
N.A.
Daqin Railway
2,070.5
560.5
13,480.2
Railway
92
69
Panzhihua New Steel & Vanadium
2,027.5
104.5
1,398.8
Iron and steel
93
72
Nanjing Iron & Steel
2,014.5
49.9
464.5
Iron and steel
94
66
Sinochem International
1,977.6
49.2
1,100.0
Oil and gas
95
94
Anhui Conch Cement
1,955.3
183.1
4,610.0
Building materials
96
81
Henan Shuanghui Investment & Development
1,940.5
58.5
2,052.9
Food
97
84
Huadian Power International
1,940.5
143.9
2,359.6
Electricity
98
90
Shijiazhuang Refining & Chemical
1,917.0
-205.4
1,147.4
Chemicals
99
79
Xiamen International Trade Group
1,910.4
26.0
396.0
Wholesale distribution
100
N.A.
China Aviation Oil (Singapore)
1,888.5
237.4
9,221.6
Oil and gas
N.A. - Not on last year's list. 1 All dollar values were converted using the 12/31/06 exchange rate of 7.8041 yuan per U.S. dollar. 2 Market value is based on all shares outstanding, including those held by the government.
