Huawei largest Chinese private enterprise
August 28, 2019 Category China News Round-up, Weekly
China unveiled its latest rankings for its 500 largest private enterprises, with Huawei topping the list amid sound development of the country’s private business. The list by the All-China Federation of Industry and Commerce (ACFIC) was presented at the China Top 500 Private Enterprises Summit 2019 held in Xining, the capital of Qinghai province. Huawei topped the list with a revenue of CNY721.2 billion in 2018. Top companies also include HNA Group, Suning, Amer International, Evergrande, JD.com, Country Garden, Hengli Group, Legend Holdings and Gome Holdings. To be listed, an enterprise needed to have revenue exceeding CNY18.59 billion last year. Huang Rong, Vice Chairman of the ACFiC, said the total revenue of the top 500 companies reached CNY28.5 trillion in 2018, up by 16.44% year-on-year, while the number of companies with revenue over CNY300 billion has risen from nine to 12, the Shanghai Daily reports.
Huawei and domestic rival ZTE have both already launched 5G smartphones in China and are now joined by Samsung, the first foreign brand to release a 5G model in China.
The CNY7,999 Samsung 5G Galaxy Note 10 Plus will be available next month. In June, the country issued long-awaited 5G licenses, triggering a new market for telecommunications devices and smartphone vendors. Samsung has already sold two million 5G models in South Korea, which gives it an advantage in 5G deployment, according to the company. In 2020, more than 160 million 5G smartphones are expected to be sold, mainly fueled by demand in China, according to Strategy Analytics. Samsung leads the global 5G market but Huawei will dominate in China, the Shanghai Daily reports.
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