Fortune China released the latest “Fortune China 500”list on July 10, 2018.

The ranking evaluated the global performance of listed Chinese companies in 2017, with Sinopec Group, China National Petroleum Corporation and China State Construction Engineering topping the list.

Compared with the 2017 list, 47 new companies entered or re-entered this time around.

This year, all companies on the list have a minimum revenue of RMB 13.86 billion, an increase of 22.44 percent year-on-year. Listed companies show a positive trend this year with a total revenue of RMB 39.65 trillion for the combined 500 ranked Chinese companies, an increase of 18.22 percent since 2017. Their total net profit stood at RMB 3.48 trillion, with a growth of 24.24 percent, in contrast with a much smaller 2.2 percent last year.

Internet service companies developed rapidly in the fields of AI, “New Retail”and Internet Finance. According to the statistics, internet companies in the Fortune 500 China had a cumulative income growth of 47.96 percent and a cumulative net profit growth of 67.6 percent.

Tencent and Alibaba were the leaders in their sector, ranking 33rd and 37th overall with the revenue of RMB 237.7 billion and RMB 226.9 billion respectively. At the same time, they became two of the top 10 most profitable Chinese companies, with the profit of RMB 71.5 billion and RMB 670 billion respectively.

A rising star in the network video industry, iQIYI, gained over RMB 17.3 billion in revenue during 2017, making its list debut at number 419. Besides iQIYI, two logistic companies, BEST Express and Deppon, ranked for the first time at number 364 and number 360. The increase in revenue of logistics enterprises is thanks to the rapid development of e-commerce over the past decade. With the growth of the Internet of thing (IoT) and the third-party logistics enterprise (3PL) market, the logistics industry will reach an estimated RMB 1.6 trillion in 2020.

Overall, the top of the list is occupied by petrochemical and natural gas industries, infrastructure, banking and insurance. 18 enterprises from these industries contributed 20 percent of the total income among the 500 listed companies, even though the number of companies only make up 4 percent over the whole ranking.

The two insurance companies among the top 10, Ping An Insurance and China Life Insurance, rose by one place to rank number four and 10 respectively.

The high profitability of the banking industry remains, indicated by the four biggest banks in China earning profit of over RMB 1.5 trillion. Meanwhile, 40 percent of the total profit of the “Fortune 500 China” enterprises were contributed by the top 10.