The China 100
A surge of IPOs and 10% GDP growth lifted 16 newcomers onto the list of China's largest companies this year.
By Abrahm Lustgarten, Fortune reporter

(Fortune Magazine) -- China Construction Bank, the nation's third-largest bank, went public on the Hong Kong exchange last October - a move that raised $9.2 billion and earned it the No. 6 spot on this year's list of the country's 100 largest publicly traded corporations.

The IPO was part of a growing trend of Chinese companies to list in Hong Kong. (The Bank of China had an offering there this spring that brought in $11.2 billion - the fourth-largest IPO ever - and will surely move onto the list next year.)

Investing in the China 100
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Ticker: CN. China 100 rank: 9. (more)

China's hot 10% GDP growth was reflected across all industries: The threshold to make the list rose 22%, to $1.3 billion in revenues.

Oil did particularly well - China Petroleum & Chemical, which has reigned at No. 1 for six years, enjoyed a 39% jump in earnings in 2005, and Petro China, which maintained its No. 2 ranking, saw profits increase 33%.

Retail and food also prospered.

But one of the biggest movers was computer maker Lenovo, which bought IBM's PC business last year. Its revenues increased fourfold, and it jumped 18 spots, to No. 7.

Interested in investing in China? At right are 5 companies in the top 10 of China's largest companies that are traded on U.S. exchanges.

Below is the complete list of the China 100.

The China 100 was compiled by the editors of Fortune China in cooperation with the Finet Group, a Hong Kong-listed company specializing in providing business information about China, and was first published in Fortune China.

In compiling the list, Fortune China looked at Chinese companies listed on the stock exchanges in Shenzhen, Shanghai, Hong Kong, Singapore, London and New York City.

The companies are ranked by 2005 revenues. Figures were provided by the companies to the relevant stock exchanges and obtained from Bloomberg. Top of page

China's 100 largest corporations
2006 2005 Company Revenues $ millions1 Profits $ millions1 Market value2 12/31/2005 $ millions1 Industry
1 1 China Petroleum & Chemical $98,981.50 $4,899.80 $50,045.10 Oil and gas
2 2 Petro China $68,401.20 $16,518.70 $146,480.90 Oil and gas
3 3 China Mobile (Hong Kong) $30,104.00 $6,632.80 $93,799.70 Telecommunications
4 4 China Telecom $20,971.40 $3,457.30 $29,721.30 Telecommunications
5 11 Baoshan Iron & Steel $15,682.20 $1,568.80 $8,936.70 Iron and steel
6 N/A China Construction Bank $14,436.50 $5,834.40 $78,171.60 Banking
7 25 Lenovo Group $13,250.80 $22.20 $3,357.10 Computers
8 6 China Life Insurance $12,164.90 $1,152.70 $23,624.40 Insurance
9 7 China Netcom Group (Hong Kong) $10,804.90 $1,720.20 $10,663.40 Telecommunications
10 5 China United Telecommunications $9,427.10 $352.00 $7,351.40 Telecommunications
11 12 CNOOC $8,603.10 $3,136.60 $27,773.40 Oil and gas
12 8 Minmetals Development $8,249.00 $41.20 $583.90 Metals and mining
13 9 Ping An Insurance Group $8,000.40 $523.40 $11,415.10 Insurance
14 10 PICC Property & Casualty $7,720.70 $137.90 $3,194.50 Insurance
15 13 China Resources $6,904.60 $286.10 $3,985.10 Diversified holdings
16 N/A China Shenhua Energy $6,470.90 $1,936.20 $19,930.00 Mining
17 15 TCL $6,400.70 ($39.70) $749.60 Home appliances
18 N/A Foxconn International Holdings $6,362.00 $385.50 $11,341.70 Electronics
19 N/A Bank of Communications $6,153.60 $1,145.60 $20,804.90 Banking
20 16 Sinopec Shanghai Petrochemical $5,685.10 $211.10 $3,727.80 Chemicals
21 N/A Dongfeng Motor Group $5,169.50 $198.30 $2,164.90 Auto manufacturing
22 N/A TPV Technology $5,052.00 $149.50 $1,872.40 Computers
23 28 Wuhan Iron & Steel $5,047.00 $597.60 $2,631.00 Iron and steel
24 20 Huaneng Power International $4,985.20 $589.90 $8,571.10 Electricity
25 N/A China COSCO Holdings $4,851.20 $675.20 $2,709.80 Shipping
26 27 China Southern Airlines $4,837.10 ($222.20) $1,435.80 Airlines
27 17 Air China $4,742.90 $298.00 $3,008.30 Airlines
28 18 Aluminum Corp. of China $4,596.60 $869.80 $8,400.70 Mining
29 22 TCL Multimedia Technology Holdings $4,452.80 ($77.20) $563.30 Home appliances
30 N/A Shanghai Electric Group $4,260.90 $207.10 $4,060.70 Power generation
31 23 Maanshan Iron & Steel $3,973.90 $352.70 $2,182.80 Iron and steel
32 24 China International Marine Containers Group $3,834.70 $330.60 $2,108.60 Package and containers
33 36 Sinotrans $3,565.90 $106.10 $1,724.60 Logistics
34 29 Hunan Valin Steel Tube & Wire $3,541.20 $67.80 $1,245.00 Iron and steel
35 33 China Shipping Container Lines $3,514.60 $443.80 $2,097.90 Shipping
36 26 CITIC Pacific $3,422.90 $514.00 $6,061.30 Diversified holdings
37 49 Bank of China Hong Kong Holdings $3,334.10 $1,738.80 $20,299.60 Banking
38 30 Angang New Steel $3,280.90 $257.60 $1,446.00 Metal fabrication and hardware
39 39 China Eastern Airlines $3,248.30 $7.50 $1,452.80 Airlines
40 38 China Merchants Bank $3,103.90 $486.80 $8,455.30 Banking
41 35 Tangshan Iron & Steel $3,011.90 $140.50 $676.50 Iron and steel
42 42 Jinan Iron & Steel $2,974.80 $102.60 $539.10 Iron and steel
43 44 China Minsheng Banking $2,948.00 $334.70 $3,650.30 Banking
44 32 Shanxi Taigang Stainless Steel $2,941.90 $96.20 $601.40 Steel
45 34 UT Starcom $2,898.90 $0.00 $0.00 Telecommunications
46 31 ZTE $2,672.50 $147.90 $3,301.70 Telecommunications
47 50 Shanghai Pudong Development Bank $2,659.00 $307.90 $4,728.00 Banking
48 41 Guangdong Midea Electric Appliances $2,640.00 $47.30 $411.50 Home appliances
49 37 Beijing Shougang $2,628.10 $98.20 $704.00 Iron and steel
50 48 Bengang Steel Plates $2,499.90 $78.30 $610.70 Iron and steel
51 40 Handan Iron & Steel $2,463.10 $111.80 $869.00 Iron and steel
52 47 Laiwu Steel $2,454.40 $51.50 $508.40 Iron and steel
53 99 Shanghai Material Trading Center $2,412.10 $4.30 $259.80 Wholesale
54 43 Chongqing Changan Automobile $2,374.30 $29.30 $730.80 Auto manufacturing
55 65 Digital China Holdings $2,358.60 $31.80 $236.90 Computers
56 51 Inner Mongolian Baotou Steel Union $2,349.80 $124.70 $783.00 Steel
57 81 Harbin Power Equipment $2,287.00 $57.60 $853.60 Power generation
58 46 COFCO International $2,266.30 $55.30 $2,503.00 Food
59 55 Shanghai Construction $2,264.90 $28.60 $328.80 Engineering and construction
60 56 Gree Electrical Appliances $2,260.30 $63.10 $689.70 Home appliances
61 57 Shanghai Friendship Group $2,242.80 $16.70 $360.40 Retail
62 58 Datang International Power Generation $2,228.90 $291.20 $3,792.10 Electricity
63 N/A GOME Electrical Appliances Holding $2,224.50 $61.80 $1,110.80 Retail
64 52 Qingdao Haier $2,044.90 $29.60 $607.60 Home appliances
65 90 Suning Appliance Chain Store Group $1,973.90 $43.40 $830.80 Retail
66 62 Sinocherm International $1,970.80 $88.10 $623.10 Wholesale distribution
67 61 Sinopec Yizheng Chemical Fibre $1,956.90 ($118.20) $1,327.80 Chemicals
68 54 Xiamen C&D $1,954.80 $26.40 $318.20 Wholesale distribution
69 59 Panzhihua New Steel & Vanadium $1,883.90 $100.50 $719.70 Iron and steel
70 70 Sichuan Changhong Electric $1,865.50 $35.30 $1,016.00 Home appliances
71 71 Great Wall Technology $1,848.60 $39.90 $226.90 Computers
72 80 Nanjing Iron & Steel $1,840.50 $50.80 $324.60 Iron and steel
73 45 Beiqi Foton Motor $1,823.90 ($36.80) $160.70 Auto manufacturing
74 63 An Yang Iron & Steel $1,808.30 $53.60 $525.00 Iron and steel
75 73 Lianhua Supermarket Holdings $1,772.80 $29.70 $581.10 Retail
76 64 AviChina Industry & Technology $1,767.10 $14.60 $236.40 Auto manufacturing
77 74 Hua Xia Bank $1,708.60 $159.60 $2,465.90 Banking
78 72 Weiqiao Textile $1,682.60 $153.90 $1,536.60 Textiles
79 84 Xiamen International Trade Group $1,669.50 $17.10 $185.50 Wholesale distribution
80 66 BOE Technology Group $1,667.40 ($196.60) $571.10 Electronics
81 85 Henan Shuanghui Investment & Development $1,667.20 $46.00 $813.60 Food
82 N/A Yunan Copper $1,660.20 $61.10 $398.70 Metals
83 76 Jiangxi Copper $1,652.40 $229.30 $1,821.60 Metals
84 82 Huadian Power International $1,647.40 $125.70 $2,080.80 Electricity
85 67 Yanzhou Coal Mining $1,573.80 $309.10 $3,606.50 Mining
86 92 Sinopec Kantons Holdings $1,565.70 $17.50 $187.10 Oil and gas services
87 N/A China Paradise Electronics Retail $1,516.90 $35.90 $768.20 Wholesale distribution
88 95 Inner Mongolia Yili Industrial Group $1,508.10 $36.30 $714.40 Food
89 N/A Shanghai Zhenhua Port Machinery $1,499.30 $149.60 $1,618.50 Machinery
90 96 Shijiazhuang Refining & Chemical $1,473.10 ($90.10) $413.30 Chemicals
91 60 Konka Group $1,419.00 $8.90 $262.50 Home appliances
92 78 Beijing Enterprises Holdings $1,417.50 $73.50 $1,051.60 Diversified holdings
93 N/A SP Power Development $1,368.10 $115.20 $1,751.30 Electricity
94 N/A Anhui Conch Cement $1,341.00 $50.40 $1,490.00 Building materials
95 75 Shanghai Pharmaceutical $1,325.30 $6.30 $229.70 Retail
96 93 Gansu Jiu Steel Group Hongxing Iron & Steel $1,318.30 $63.50 $383.20 Iron and steel
97 77 SGIS Songshan $1,315.00 $16.90 $397.00 Steel
98 N/A China Vanke $1,307.90 $167.30 $1,987.40 Real estate
99 88 FAW Car $1,279.20 $41.80 $629.00 Auto manufacturing
100 N/A Hisense Electric $1,258.90 $12.70 $405.50 Home appliances
N/A Not on last yearís list.
1 All dollar values were converted using the 12/31/05 exchange rate of 8.07338 yuan per U.S. dollar. 
2 Market value is based on all shares outstanding, including those held by the government.
More global lists:
 ï 2006 Global 500
 ï Asiaís Top 50