The latest rankings for China's 500 largest private enterprises were released on Sept 10. It proved to be a good year for Shandong province, which had 52 of its companies included on the list.

The list was issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020 held in Beijing.

According to the results, Shandong Weiqiao Pioneering Group broke into the top 20 with annual revenue of 279.28 billion yuan ($40.86 billion), leading private enterprises in Shandong.

Zhejiang and Jiangsu were the two provinces with the largest number of enterprises on the list, with 96 and 90 respectively, while Shandong ranked fourth, with 52 private enterprises making the list.

The total revenue of the top 500 private enterprises reached 30.17 trillion yuan in 2019, recording a year-on-year growth of 5.85 percent. Their total assets rose by 6.78 percent from a year earlier to 36.96 trillion yuan, and their net profits after tax grew by 8.06 percent to 1.39 trillion yuan.

According to the list, the top three companies in terms of revenue in 2020 were Huawei, Suning and Amer International Group.