5 Ningbo companies among 2024 Fortune China 500 list

The headquarters of Bank of Ningbo [Photo/cnnb.com.cn]

Fortune magazine released its 2024 Fortune China 500 list on July 25, which included five companies from Ningbo, Zhejiang province.

The honored quintet consists of the Bank of Ningbo, Ningbo Jintian Copper (Group) Co Ltd, Ningbo Joyson Electronics Co Ltd, Risen Energy Co Ltd, and Sunny Optical Technology (Group) Co Ltd, securing the 194th, 199th, 311st, 406th, and 441st positions, respectively.

The operating incomes of all five entrants surpassed $4 billion in 2023, with the Bank of Ningbo and Jintian Copper generating over $15 billion.

Noteworthy advancements were observed in the rankings of three companies compared to the previous year. Risen Energy surged 29 places, emerging as the most rapidly ascending entity, closely followed by the Bank of Ningbo and Jintian Copper, which climbed by 12 and 6 spots, respectively.

The Bank of Ningbo's stellar performance in the initial quarter of 2024 underscored its unwavering commitment to stability. The institution achieved an operating income of 17.51 billion yuan ($2.41 billion), up by 5.8 percent year-on-year. The net profit attributable to the parent company soared to 7.01 billion yuan, marking a 6.3 percent year-on-year growth. Notably, the company maintained a commendable non-performing loan ratio of 0.76 percent by the end of the first quarter, consistently staying below 1 percent, indicative of its exceptional asset quality within the industry.

The collective operating income of the 500 Chinese entities featured in the list amounted to $14.6 trillion in 2023, registering a modest 3 percent decline from the previous year. Concurrently, the net profit for these enterprises totaled $706.4 billion, reflecting a marginal decrease of approximately 1.5 percent from the preceding year. The top-tier positions in the ranking were secured by the State Grid Corporation of China, China Petroleum & Chemical Corporation, and China National Petroleum Corporation.