A total of 95 Chinese companies have made it onto the list of Fortune 500 companies compiled by Fortune magazine, with combined gross revenue of USD5.2 trillion, or 17% of the Fortune 500’s total revenue. In 2012, China Petrochemical Corp (Sinopec Group) had the largest revenue of USD428.17 billion among all Chinese companies. China National Petroleum Corp was close behind, with annual revenue of USD408.6 billion. Sinopec Group ranked fourth and China National Petroleum (CNPC) ranked fifth on the global list, each up by one spot from the previous year. Globally, Royal Dutch Shell is the largest company in terms of annual revenue, with USD481.7 billion. Wal-Mart Stores and Exxon Mobil took the second and third spots. Besides ten Taiwan or Hong Kong-headquartered corporations, there are 85 Chinese mainland-headquartered companies, mostly state-owned enterprises (SOEs). Most are concentrated in the energy, resources, banking and telecommunication sectors. Fortune’s Chinese website pointed out there are both positive and worrying aspects in the Chinese listings. Besides the dominant share of SOEs and the underdeveloped service sector, it said profits are unequally distributed among all listed Chinese companies. The nine top commercial banks account for 55.2% of all Chinese mainland companies’ profits. Chinese companies’ high-leverage ratios are also a source of concern.