A total of 38 Zhejiang-based companies were included in this year's Fortune China 500, a list of China's top 500 companies co-released by Fortune magazine's Chinese edition and China International Capital Corporation Wealth Management on July 27.

The revenue threshold for making this year's Fortune China 500 ranking was nearly 17.8 billion yuan ($2.54 billion), up nearly 10 percent over the previous year. The total revenue among the top 500 companies increased by 11 percent year-on-year to 50.5 trillion yuan, making up more than half of China's gross domestic product last year. Their total net profits stood at 4.2 trillion yuan, up over 16 percent year on year.

The top four among the 38 Zhejiang-based companies on the list were Alibaba Group (18th), Wuchan Zhongda Group (28th), Geely Automobile Holdings Limited (103rd), and Rongsheng Petrochemical Co (125th). The number of Zhejiang-based companies on last year's list was 34.

Of the Zhejiang-based companies that have made the list for the past two years, 17 saw a rise in the rankings. Alibaba Group was ranked 24th in 2019 and 18th this year. The most striking rise was that of Wingtech Technology, a communication and semiconductor company whose ranking rose from 473rd to 239th.

Four Zhejiang-based companies entered the Fortune China 500 for the first time this year, namely Semir Clothing Co, Huayou Cobalt Co, Ningbo Construction Co, and Ningbo Jifeng Auto Parts Co.