Employees work on the production line of Geely Auto's engine manufacturing unit in Yiwu, Zhejiang province. [Photo by Lyu Bin/For China Daily]

The Zhejiang Provincial Market Supervision Bureau and the Zhejiang Provincial Federation of Industry and Commerce jointly released the 2020 Top 100 Zhejiang Private Enterprises list on Sept 3.

The enterprises are ranked mainly according to the operating revenue recorded in their annual financial statements in 2019. Geely Group, China's largest privately-owned automaker, topped the list with an annual operating revenue of 330.8 billion yuan ($48.4 billion) in 2019.

The total turnover, net assets, and net profits for the top 100 private firms were 4.39 trillion yuan, 1.24 trillion yuan, 163.3 billion yuan, respectively, which were 3.85 percent, 5.56 percent, and 10.43 percent higher than the previous year.

The minimum operating revenue to qualify for this year's list was 11.94 billion yuan, an increase of 8.8 percent year-on-year. A total of eight companies had operating revenues above 100 million yuan, and their combined revenue made up 35 percent of the total among all enterprises on the list.

The aggregate R&D expenditures for the top 100 private firms were valued at 69.73 billion yuan, an increase of 19.47 percent over the previous year.