China Business News reported that in 2009 China Mobil (00941.HK) made profits of about 115.2 billion yuan, while Petrol China (601857.SH，00857.HK) brought in 103.4 billion yuan. Together they exceeded the top 500 private enterprises' combined profits. Among the top 500, the leader was Hangzhou Wahaha Group with about 8.78 billion yuan.
Though private enterprises have shown strong development momentum, they remain relatively weak compared with state-owned companies.
The latest 2010 revenue statistics of the top 500 Chinese private enterprises has Jiangsu Shagang Group leading for the second consecutive year, with Suning Appliance Co. LTD. (002024.SZ) and Legend Holdings (00992.HK) second and third respectively.
This year operating revenue must reach 3.66 billion yuan ($538.4 million) to qualify for a spot in the top 500, up from last year's 2.97 billion yuan ($436.9 million).
Also concerning private enterprises, among the 500 highest-earning, 221 (44%) intend to invest in the real estate industry in the next three 3 years, according to a report from the All-China Federation of Industry and Commerce on August 29.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.