New Hangzhou company breaks into Fortune Global 500

Fortune magazine released its 2024 Global 500 list on Aug 5, featuring 10 companies from Zhejiang. Hangzhou Industrial Investment Group made its debut at 402nd place.

Last year, eight companies from Zhejiang were included on the list, namely Alibaba, Rongsheng Holding, Wuchan Zhongda Group, Geely Holding, Hengyi Petrochemical Co, Tsingshan Holding, Zhejiang Communications Investment Group, and Hangzhou Iron & Steel Group, all of which remain on the list this year. Additionally, Hailiang Group has re-entered the list.

HIIG, a State-owned enterprise under the Hangzhou municipal government, marks the first time a municipal SOE from Hangzhou has been included in the Global 500. HIIG, focused on industrial investment and development, achieved a revenue of 264.75 billion yuan ($37.04 billion) in 2023, a 49-percent increase, while also seeing a 14-percent increase in net profit. The group directly holds stakes in 34 companies and has invested in over 300 projects.

Notable enterprises under HIIG include CIEC Group, ZC Rubber, Goldfish Electrical, and Hangcha Group, and renowned brands like Zhang Xiaoquan Scissors and Wang Xingji Fan.