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BEIJING (Reuters) – China has unveiled its latest ranking of the 500 largest private companies, with Huawei top of the list despite the country's remarkable growth.
The Federation of China's Industry and Commerce was listed at the Top 500 Private Enterprises Summit in China, organized in 2019 by Xining, capital of Qinghai Province, in northwestern China.
Huawei took the lead with revenues of 721.2 billion yuan ($ 102 billion) in 2018. Companies such as HNA Group, Suning, Amir International, Evergrande and others were also on the list.
Twenty private Chinese companies were also among the top 500 global companies, three more than last year.
Huawei's CEO said the company will continue to improve its transparency and consider itself a listed company. During an interactive discussion in New York, Vincent Bang, senior vice president of Huawei, said the company planned to hold monthly activities in New York later, with the goal of updating the development of society and clarify the issues. According to Mr. Pang, the company currently follows transparent accounting rules, such as those of publicly traded companies, and publishes annual reports for more than 10 years.
It was the first time that the company published quarterly and half-yearly reports on the results of its operations, in April and July respectively. "Huawei will continue to publish quarterly and half-yearly reports and has nothing to hide since the first day," said Pang.
Paul Triolo, who heads the Eurasia Group's technical consulting division, a geopolitical risk consulting and research firm, said that Huawei had set a good example in terms of promoting and maintaining transparency, although this transaction does not go far enough. Was not traded on the stock market.
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