Geely ranked No. 2 on Zhejiang Top 100 Enterprises list

Zhejiang Geely Holding Group, the first privately-run automaker in China, was ranked No. 2 after Zhejiang Materials Industry Group Corporation (ZJMI) on the Zhejiang Top 100 Enterprises 2012 list released in Zhejiang Business Leaders' Summit on September 13. Geely and ZJMI also entered the Fortune Global 500 2012 list released in July.

The top ten Zhejiang-based corporations are mostly industrial ones and live up to their reputation as leading companies with their impressive results. The total revenues and net profit they generated, and the total tax they paid respectively accounted for 36.5 percent, 30 percent and 33.6 percent of those produced by the top 100 corporations, but their employees and asset were only 17 percent and 27 percent of those of the top 100. The top 2 on the list have brought in revenues of over 150 billion yuan, and the top 12 corporations have yielded revenues of over 50 billion yuan.

The Summit was co-sponsored by Zhejiang Federation of Industrial Economics, Zhejiang Association of Enterprises and Zhejiang Association of Entrepreneurs. The summit also gave a couple of awards to companies with great contributions or as industry leaders, and excellent entrepreneurs.

Professor Cheng Huifang, head of a research institute for innovation and development and a global information center for Zhejiang business of Zhejiang University of Technology, said that as corporations in Zhejiang have stepped into a new development stage featured by innovation and competition, the top 100 now see rapid growth of revenue, asset scale, and 5 or 7 more companies in Zhejiang are likely enter into the Global 500 list by the end of the 12th "Five Year Plan" period (FYP).

Meanwhile, some experts also pointed out that Zhejiang has to put into more effort in order to boost innovation and enhance enterprise innovation capacity as the province now is confronted with some problems, including insufficient financial support, a lack of leading innovation talents, imperfect competition environment in the factor market, to-be-improved protection of intellectual rights, a small portion of high-tech industry and a talent structure that needs to be built better.

Apart from Geely, the other nine ranked among the top ten are ZJMI, Sinopec Zhenhai Refinning & Chemical Company, Sinopec Zhejiang Petroleum Branch, Wanxiang Group, Hangzhou Iron & Steel Group Company, Guangsha Holdings, Hangzhou Wahaha Group Co., Ltd, Hailiang Group Co., Ltd and Zhejiang Provincial Energy Group Co., Ltd.