Three enterprises located in the coastal city of Yantai, Shandong province were included on the 2021 China Top 500 New Economy list. They are Yantai Wanhua Chemical Group, Raytron Technology, and Yantai Dongcheng Pharmaceutical Group, and ranked 26th, 151st, and 472nd, respectively.

The latest list was released by the China Enterprise Evaluation Association. Tech heavyweight Tencent topped the latest list, followed by Alibaba and ByteDance. Huawei, CATL, JD, Pinduoduo, BYD, Hikvision, and Mindray Medical were listed in the top 10.

The list is compiled using criteria like market value, enterprise size, profitability, growth rate, innovation capacity, social impact and level of internationalization.

Experts said the new economy comprises new industries, new business formats and new business models concentrated in nine key fields. These include the internet, modern information technology services, advanced manufacturing, new energy, modern productive service activities and new types of life-enhancing services.

Yantai Wanhua Chemical Group has established seven national innovation platforms and more than 150 advanced laboratories, which employ more than 2,000 first-class research and development personnel from home and abroad.

"In recent years, the group has broken through more than 20 core bottleneck technologies, and obtained over 3,000 key invention patents," according to an official of Wanhua Chemical Group.

As a rising star in the field of photoelectric sensing, Yantai-based electrical components maker Raytron Technology was founded in 2009, and has grown rapidly in recent years.

"Within five years, more than 150 upstream and downstream enterprises in the integrated circuit industrial chain will support Raytron Technology, with an annual output value exceeding 20 billion yuan ($2.92 billion)," a company official said.

Yantai Dongcheng Pharmaceutical Group has become a large pharmaceutical enterprise group, and more than 90 percent of its core products have been sold to more than 40 countries and regions around the world, including Europe, the United States, and the Asia-Pacific region.