The Zhejiang Enterprise Confederation, the Zhejiang Enterprise Directors Association, and the Zhejiang Federation of Industrial Economics jointly released the 2020 list of the Top 100 Zhejiang Enterprises on Oct 21.

A total of 20 enterprises on the list exceeded 100 billion yuan ($14.95 billion) in annual operating revenue in 2019, while Alibaba Group, the top company on the list, grossed more than 500 billion yuan. Both WZ Group and Zhejiang Geely Holding Group, which placed second and third on the list, grossed more than 300 billion yuan.

The total operating revenue generated by the top 100 companies stood at 6.81 trillion yuan in 2019, up 12.24 percent from the previous year. Their total assets rose by 21.84 percent year-on-year to 6.56 trillion yuan.

A total of 43 Zhejiang companies ranked among the top 500 Chinese companies this year, five of which were even included in the 2020 Fortune Global 500 rankings.

The operating revenue for the 100th Zhejiang company on the list, Ningbo Huaxiang Electronics Co., was 1.7 billion yuan.

The total profits generated by the top 100 companies surged 24.86 percent year-on-year to 427.51 billion yuan in 2019. Five Zhejiang companies surpassed 10 billion yuan in profit, while 81 Zhejiang companies saw a rise in profits. Alibaba Group became the first-ever Zhejiang-based company to generate over 100 billion yuan in profit this year.

The research and development (R&D) expenses of the top 100 companies rose by 13.34 percent year-on-year to 125 billion yuan in 2019, reflecting the increased focus on technological innovation among Zhejiang companies.