Chinese state-owned power producer State Grid was third in the latest Fortune Global 500 List, an annual list of the world’s biggest companies ranked by revenue, topping all other Chinese companies for the second consecutive year.

US retailer giant Walmart headed the ranking for the 12th straight year, followed by US tech giant Amazon and State Grid. Also in the top 10, energy giants Saudi Arabian Oil Company, Sinopec, and China National Petroleum ranked fourth to sixth, respectively.

State Grid has become an industry benchmark thanks to its world-leading ultra-high voltage transmission and intelligent power grid technologies, and its core capability of supporting the integration of the world’s largest new energy market. The company is speeding up the construction of a new type of electricity system and boosting the country’s shift towards clean energies.  

The number of Chinese companies on the Fortune Global 500 list fell to 130 this year from 133 last year. Their revenue was about USD10.7 trillion last year, accounting for 26 percent of the list’s total USD41.7 trillion.

Five Chinese technology firms made it into the top 100: Apple’s main supplier Hon Hai Precision Industry, better known as Foxconn, ranked 28th, e-commerce giants JC.Com and Alibaba Group Holding were 44th and 63rd, respectively, mobile network operator China Mobile ranked 58th, and telecommunications giant Huawei Technologies was 83rd.

JD.Com remained the largest Chinese private company, while Huawei returned to the top 100 after two years. Chinese food delivery giant Meituan jumped to 327th from 384th.

Chinese e-commerce firms performed well last year, with JD.Com and Alibaba improving three and seven positions, respectively. Pinduoduo advanced 176 positions to 266th, becoming the Chinese firm with the biggest jump.

Ten Chinese carmakers were included in the Fortune Global 500. BYD, Chery Automobile, and Zhejiang Geely Holding Group improved their positions, while the remaining seven, including BAIC Group, GAC Group, and Dongfeng Motor, dropped.

BYD jumped 52 positions to 91st, becoming the only Chinese automaker making it into the top 100. It surpassed its biggest rival Tesla for the first time ever.

Chery Auto and Geely advanced by 152 and 30 spots to 233rd and 155th, respectively.

Xiaomi, which released its first self-developed new energy vehicle model last year, ranked 297th, compared with 397th the year before, marking the largest jump since the Chinese tech giant made the list for the first time in 2019.