- Alibaba ranks second as its revenue surpasses 1 trillion yuan for the first time
- Zhejiang also leads the country in manufacturing and services private-company rankings
Zhejiang led China’s 2026 ranking of its largest private companies, with 104 firms making the list, as the province’s private sector continues to concentrate around technology, manufacturing and emerging industries.
The All-China Federation of Industry and Commerce released the ranking Tuesday in Tianjin, with JD.com, Alibaba and petrochemical and textile giant Hengli Group (恒力集团) taking the top three spots by revenue.
Alibaba ranked second after its annual revenue topped 1 trillion yuan ($149 billion), making it the first private company in Zhejiang to cross the threshold and the second in China after JD.com.
Zhejiang-based Rongsheng Holding (荣盛控股), a petrochemical and chemical fiber conglomerate, ranked seventh and Geely Holding eighth, giving the province three companies in the top 10.
A minimum revenue threshold
Other Zhejiang companies also crossed major revenue milestones, with Ningbo-based diversified manufacturing group Fubon Holding (富邦控股) and and Great Star Group (巨星集团), a Hangzhou-based manufacturer of tools, tires and forklifts, exceeding 100 billion yuan.
The 2026 ranking was based on the 28th annual survey by the federation, which covered 6,350 private companies with at least 10 billion yuan in revenue in 2025.
The top 500 had a minimum revenue threshold of 25.6 billion yuan.
Combined revenue of the 500 companies reached 44.93 trillion yuan, up 4.35% from the previous year, while combined net profit rose 1.31% to 1.83 trillion yuan.
Zhejiang’s private-sector strength
The 104 Zhejiang companies making the list span internet services, automotive, chemicals, advanced materials and smart manufacturing.
Hangzhou, Ningbo and Shaoxing accounted for more than two-thirds of the province’s listed companies, highlighting the concentration of private businesses around the Hangzhou Bay economic cluster.
Zhejiang also topped two other national rankings, with 106 companies on the 2026 list of China’s 500 largest private manufacturers and 20 on the top 100 private services companies list.
Since China’s reform and opening up that began in 1978, Zhejiang has remained one of China’s strongest private-sector hubs, with its businesses playing a major role in the province’s manufacturing, technology and export-oriented economy.
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