The China Enterprise Confederation and China Enterprise Directors Association recently published the "2021 Top 100 Chinese Multinational Companies" list.

Eleven Zhejiang-headquartered multinationals made it to the list, up from seven in the 2020 edition of the ranking.

Zhejiang representatives this year consist of 10 privately owned companies, the most out of all provincial-level regions, and only one State-controlled company, Zhejiang Energy Group.

The rankings were based on the companies' overseas assets value as of the end of 2020. The threshold value of overseas assets for a company to enter the list was 10.939 billion yuan ($1.71 billion). Multinationals in the finance sector were excluded from the list.

Zhejiang Geely Holding Group, China's largest private carmaker, was ranked 13th on the 2021 list, the highest ranking for a Zhejiang-headquartered multinational. It is followed by Tsingshan Holding Group (47th), Joyson Electronics (55th), Hengyi Petrochemicals (56th), Wanxiang Group (57th), Zhejiang Energy Group (68th), Hailiang Group (86th), Huayou Cobalt (93rd),Zhejiang Longsheng Group (96th), Ningbo Shenzhou Group (98th), and Chint Group (100th).

In 2020, Geely had overseas assets worth 199.65 billion yuan and earned 151.12 billion yuan in overseas revenue. The combined assets, operating revenue, and overseas staff of the 11 Zhejiang companies are 444.232 billion yuan, 439.661 billion yuan, and 211,000 people respectively.

Five Zhejiang multinationals - Joyson Electronics, Wanxiang Group, Tsingshan Holding Group, Huayou Cobalt, and Ningbo Shenzhou Group - are among the top 10 when comparing based on the transnational index, an indicator that takes into account the percentages of operating revenue, assets, and staff members that are contributed by a company's international market.

The signing ceremony for Geely's acquisition of Volvo in 2010. [Photo/zj.zjol.com.cn]