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    Three Zhejiang companies enter Fortune Global 500

    (ezhejiang.gov.cn) Updated : 2017-07-25

    Three companies based in Zhejiang province's capital city, Hangzhou, entered the Fortune Global 500 list this year, the Fortune China website announced on July 20.

    The three companies are e-commerce giants Alibaba, State-owned conglomerate Wuchan Zhongda Group and auto maker Geely.

    Hangzhou now ranks sixth among Chinese cities in terms of the number of local companies included in the list. Alibaba is a new entrant this year, while Wuchan Zhongda and Geely both climbed higher on the rankings, from 359 to 348 and 410 to 343 respectively.

    Alibaba Group, one of China's largest tech companies, is one of the six internet companies to appear on the list, along with Amazon, Google's parent company Alphabet, Facebook, JD.com and Tencent. It operates in multiple internet-based sectors, including business-to-business online marketplaces, retail and payment platforms and cloud computing services. The company's rapid expansion into overseas markets has fuelled its huge revenue growth in recent years.

    Zhejiang Wuchan Zhongda Group is a State-holding conglomerate, whose core businesses involve high-end manufacturing, trade, real estate and financial investment.

    Zhejiang Geely Group is China's largest private auto maker, whose overseas acquisitions have included Sweden's Volvo Cars and the UK's The London Taxi Company. Its manufacturing bases, innovation centers and sales outlets can be seen throughout the world.

    An annual ranking of the top 500 corporations worldwide in terms of revenue, the Fortune Global 500 is the most famous and authoritative list of its kind in the world.

    This year, China filled an unprecedented 115 places on the list, only 17 places fewer than the US. The Chinese companies cover a wide range of fields such as energy, oil refining and real estate.

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    A view of Alibaba Group's headquarters in Hangzhou, East China's Zhejiang province [Photo/zjol.com.cn]

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