Suning tops China's private company list

BEIJING -- Home appliance retailer Suning Commerce Group Co Ltd headed the 2013 list of China's top 500 non-state-owned enterprises, showed survey results released on Thursday.

Legend Holdings, parent company of the country's largest PC maker Lenovo, took second spot on the list, followed by Huawei Investment & Holdings Co Ltd, according to the annual survey by the All-China Federation of Industry and Commerce (ACFIC).

The top 500 private companies were ranked according to their business revenues in 2012, with 7.77 billion yuan ($1.26 billion) as the floor amount, 18.3 percent higher than that of 2011.

They posted average business revenues of 21.16 billion yuan last year, up 13.65 percent year on year, but the growth rate declined by 19.6 percentage points year on year, the survey results reveal.

The tax payments of the top 500 enterprises in 2012 increased by 5.9 percent year on year to 433.47 billion yuan, but their net profit registered a decrease of 3.39 percent year on year, and the per capita net profit logged an even bigger slump from 94,800 yuan in 2011 to 81,200 yuan.

The survey also shows that most of the top 500 private enterprises belong to manufacturing industry, mainly construction, ferrous metal, wholesale, electric machinery, and non-ferrous metal.

Tan Lin, director of the economy department of the ACFIC, said the top enterprises sustained a notable rise in production cost in 2012, and they are in dire need to transform from resource and investment-intensive to innovation-driven and energy-conserving enterprises; and their production modes from low value-added to high value-added.