A total of 20 Shandong-based companies have been included in the list of the top 500 Chinese private enterprises released by the Hurun Research Institute on Nov 25.

The ranking was based on their market capitalization or valuation.

Two private companies in Shandong, Haier Smart Home and Goertek, were listed in the top 100 with total values of 222 billion yuan ($33.79 billion) and 133 billion yuan respectively.

Haier Smart Home, based in Qingdao and China's largest home appliance maker, ranked 39th, while Goertek, an acoustic components company based in Weifang city, ranked 74th, up 25 places from last year's list.