Five companies from East China's Shandong province made the latest Fortune Global 500 list released by Fortune magazine on Aug 2.

The five companies are Shandong Energy Group, Weiqiao Pioneering Group, Shandong Iron and Steel Group, Haier Smart Home Co, and Weichai Power.

Shandong Energy Group is ranked 70th on the list with a revenue of $97.86 billion, up 225 places from last year.

Weiqiao Pioneering Group is ranked 282nd with revenue of $41.88 billion. Shandong Iron and Steel Group is ranked 384th with revenue of $31.99 billion while Haier Smart Home Co took the 405th spot with revenue of $30.39 billion.

Weichai Power, which had a revenue of $28.62 billion, made its debut on list ranked 425th.

The Fortune Global 500 list is a ranking of the world's largest companies by revenues. Impacted by the COVID-19 pandemic, total revenue for the world's biggest companies dipped by about 5 percent to $31.7 trillion this year.

The threshold revenue for a company to get a ticket on the list was reduced to $24 billion from $25.4 billion. Meanwhile, total net profit of this year's listed companies was $1.6 trillion, down 20 percent year-on-year, the biggest drop since 2009.