People’s Daily Online: The Top 500 Private Enterprises Have Been Announced, with Eight Shanxi Companies Including Pengfei Group Among the List
Release Date:
2023-09-12
As a barometer of China’s private-sector development and a ranking of regional private-sector dynamism, the annual “Top 500 Chinese Private Enterprises” list draws widespread attention.
As a barometer of China’s private-sector development and a ranking of regional private-sector dynamism, the annual “Top 500 Chinese Private Enterprises” list draws widespread attention.
On September 12, the All-China Federation of Industry and Commerce released the 2023 Top 500 Chinese Private Enterprises list along with a corresponding research and analysis report.
A total of eight private enterprises from Shanxi Province made the list, namely:
Shanxi Pengfei Group Co., Ltd.
Shanxi Jinnan Iron and Steel Group Co., Ltd.
Shanxi Jincheng Iron and Steel Holding Group Co., Ltd.
Shanxi Jianbang Group Co., Ltd.
Shanxi Lubao Group
Yongtai Energy Group Co., Ltd.
Changzhi Nanye Industrial Group Co., Ltd.
Shanxi Antai Holding Group Co., Ltd.
Among them, Shanxi Pengfei Group Co., Ltd. has surpassed RMB 100 billion in annual revenue, successfully making it into the top 100. Reportedly, the company has ranked among the national top 100 for two consecutive years and has been listed for five consecutive years. Furthermore, on the same day, Shanxi Pengfei Group Co., Ltd. was ranked 60th on the “2023 Top 500 Private Manufacturing Enterprises in China” list.
This year marks the 25th consecutive survey of large-scale private enterprises organized by the All-China Federation of Industry and Commerce, with a total of 8,961 companies—each reporting annual revenues of RMB 500 million or more—participating. The entry threshold for the Top 500 Private Enterprises rose to RMB 27.578 billion, an increase of RMB 1.211 billion over the previous year.
The number of Shanxi-based companies on the list remained unchanged from last year, yet several saw significant gains. In addition to Pengfei Group, which climbed four spots to No. 92 and retained its place among the top 100, Yongtai Energy ranked No. 340, up 145 places from last year, while Nanyue Group came in at No. 344, improving by 137 positions compared with the previous year.
In recent years, Shanxi Province has successively introduced a series of policies and measures, including the “Several Opinions on Supporting the Development of the Private Economy,” the “Comprehensive Package of Policies and Measures to Stabilize the Economy,” and the “Several Policy Measures to Promote the Development of an Open Economy through Finance,” thereby proactively fostering a business environment characterized by “three no’s” and “three can’s” and continuously boosting the growth and strengthening of the private sector.
From the perspective of industrial distribution, most of Shanxi Province’s listed private enterprises are concentrated in the ferrous metal smelting and rolling processing sector, as well as the petroleum, coal, and other fuel processing industries. Notably, several Shanxi‑based private firms on the list are actively pursuing industrial transformation. Take Pengfei Group, which ranks first in Shanxi on this year’s list: in recent years, it has proactively integrated itself into the national hydrogen‑energy industry’s overall development framework, forging a new path for economic growth driven by the hydrogen value chain. The group has established the Pengwan Hydrogen Port Hydrogen Industry Park—the largest of its kind globally, with the most complete industrial chain and cutting‑edge process technologies and equipment—deepened strategic partnerships with leading domestic companies, and collaborated with universities on core‑technology R&D. It has also co‑founded innovation platforms such as a joint laboratory for fuel‑cell vehicle manufacturing technology and the Shanxi Provincial Key Laboratory for Advanced Carbon‑Based Electrode Materials, thereby creating a provincial demonstration base for the commercialization of hydrogen‑related scientific and technological achievements. In addition, the company is exploring the development of a specialized experimental base for hydrogen‑rich agriculture, aiming to reach 1 GW of renewable energy generation, 40,000 tons of annual hydrogen production capacity, 20 operational hydrogen refueling stations, and the deployment of 2,000 hydrogen‑fuel vehicles during the 14th Five‑Year Plan period. Through these efforts, Shanxi is comprehensively accelerating the full commercialization of its hydrogen industry across the entire value chain—covering production, storage, transportation, refueling, end‑use, research, and equipment manufacturing.
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