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ACFIC Releases 2025 CN Top 500 Private Firm List; JD, Alibaba (CN), Hengli in Top 3
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The All-China Federation of Industry and Commerce (ACFIC) has released this year's list of China's top 500 private enterprises.

JD-SW (09618.HK) dominates the list with total revenue nearing RMB1.16 trillion, followed by Alibaba (China) with total revenue of RMB981.77 billion and Hengli Group with total revenue of RMB871.52 billion.

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Huawei ranks fourth with total revenue of RMB862.07 billion. BYD COMPANY (01211.HK) is in fifth with total revenue of RMB777.1 billion. TENCENT (00700.HK) occupies the sixth spot with total revenue of RMB660.26 billion.

LEGENDHOLDING (03396.HK) ranks 11th. MIDEA GROUP (00300.HK) 13th. CATL (03750.HK) 17th, and SF HOLDING (06936.HK) 21st.
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