Geely's GEA architecture for smart new energy vehicles. [Photo provided to chinadaily.com.cn]

US business magazine Fortune released its 2025 Global 500 rankings on July 29, with 10 enterprises from East China's Zhejiang province making the list.

China ranked second globally with 130 companies. Domestically, Beijing led with 46, followed by Guangdong, Shanghai, and Zhejiang, which tied for fourth with 10 firms — the same as last year. Collectively, the Zhejiang-based companies rose 99 spots from their 2024 positions.

Zhejiang Geely Holding Group climbed 30 places to break into the top 100 for the first time, reporting $79.9 billion in revenue. The automaker has posted strong growth in new energy vehicles, smart technologies, and overseas markets, with global sales up about 22 percent year-on-year.

In addition to Geely, 10 other Chinese automakers and auto parts producers made the list. BYD ranked 91st — also entering the top 100 for the first time — while Chery placed 233rd.

Despite headwinds in the petrochemical sector last year, Zhejiang Hengyi Group and Rongsheng Holding Group posted steady gains, moving up 23 and 20 places, respectively. Hengyi, an integrated private enterprise spanning oil refining, petrochemicals, and synthetic fibers, remains the only Chinese private refiner operating at scale overseas.

Rongsheng has expanded downstream into advanced chemical materials, including new energy and high-end materials, as part of a broader strategic transformation.

Wanxiang Group, ranked 11th among Zhejiang companies in the China Top 500, recorded $29.7 billion in revenue last year — just $2.5 billion short of the Global 500 threshold — and is widely expected to join the list soon.