- Alibaba tops the province after becoming Zhejiang’s first 1 trillion-yuan company
- Nine of the province’s 10 Fortune Global 500 firms are headquartered in Hangzhou
Zhejiang retained 10 companies on the 2026 Fortune Global 500 list, with nine from Hangzhou, even as the number of Chinese companies on the ranking fell for a second straight year.
The latest chart underscores the province’s resilience and Hangzhou’s growing role as one of China’s leading corporate headquarters.
The 10 Zhejiang companies collectively climbed 29 places from last year, according to the ranking released on July 28.
They include Alibaba Group, Rongsheng Holding, Geely Holding, Wuchan Zhongda, Hengyi Group, Tsingshan Holding, Zhejiang Communications Investment Group, Hangzhou Iron & Steel Group, Hangzhou Industrial Investment Group and Hailiang Group.
Nine of the 10 companies are headquartered in Hangzhou, tying the city with Shanghai for the second-highest concentration of Fortune Global 500 headquarters in China, behind only Beijing’s 42.
A vibrant private economy
Among the 10 list-makers, four are state-owned enterprises, while the remainder are privately held, a sign of Zhejiang’s long-standing status as a powerhouse for the private sector.
Alibaba led the provincial ranking, climbing seven places to 56th after reporting annual revenue of 1.02 trillion yuan (US$148.4 billion) in fiscal 2026, making it Zhejiang’s first company to surpass the one-trillion-yuan revenue mark.
Geely Holding rose 17 places to 138th, its highest ranking in recent years, while Zhejiang Communications Investment Group posted the biggest gain among the province’s companies, jumping 21 places to 309th.
Rongsheng Holding ranked 115th, Hengyi Group 201st, and Tsingshan Holding remained the world’s highest-ranked privately owned steelmaker at 254th.
China had 122 companies on this year’s Fortune Global 500, down from 130 a year earlier.
Why it matters globally
For international readers, the ranking highlights a broader shift in China’s corporate geography.
Hangzhou, long known as the home of Alibaba, has evolved into one of the country’s premier headquarters cities, matching Shanghai in the number of Fortune Global 500 companies despite a much smaller population.
The composition of Zhejiang’s corporate champions also reflects the province’s diversified industrial base, spanning digital technology, petrochemicals, automobiles, supply chains, advanced materials, infrastructure and manufacturing.
As China prioritizes industrial upgrading under its next five-year development agenda, Zhejiang’s Fortune Global 500 roster offers a snapshot of the sectors driving that transition.
