Gree Electric Appliances and Huafa Holdings Group, both located in Zhuhai, moved up 20 and 94 places respectively to rank 121st and 352nd in a report identifying the Top 500 Chinese Companies based on 2017 revenue income.

The China Enterprises Confederation and China Enterprise Directors Association released the list on Sept 2 during the 2018 China Top 500 Enterprises Summit in Xi'an, capital of Shaanxi Province.

2018 China Top 500 Enterprises Summit [Photo courtesy WeChat account: gxwbwx]

Gree Electric Appliances earned 150 billion yuan ($23 billion) in revenue last year. The world's largest air conditioner supplier, headquartered in Qianshan of Xiangzhou District, applied a phased approach to become a global industrial conglomerate. Product scope was expanded to include heating ventilation air conditioning equipment, smart equipment, living appliances, and air energy water heaters. 

Gree industrial robots [Photo courtesy southcn.com]

Meanwhile, revenue for Huafa Holdings, another State-owned giant in Zhuhai, for 2017 was 44.2 billion yuan ($6.9 billion). Originally solely involved in real estate, the company gradually developed more business pillars: urban operations, finance, and industrial investment. Business and modern services support the expansion. Huafa also is the controller of four listed companies. 

Huafa Shopping Mall [Photo courtesy cnhuafag.com]

The State Grid Corp of China tops the list with revenues reaching 2.4 trillion yuan ($376 billion) in 2017, followed by Sinopec Group and China National Petroleum Corp with 2.21 trillion yuan ($346 billion) and 2.2 trillion yuan ($344 billion).

Revenues for China's top 500 companies stood at 71.7 trillion yuan ($11.2 trillion), up 11.2 percent year-on-year; their combined profits climbed 13.28 percent to 3.2 trillion yuan ($500 billion).