Baidu, Alibaba, and Tencent all miss out on Fortune’s Global 500 list

阿里巴巴、腾讯未能打入世界500强

Fortune magazine’s yearly global 500 list came out on Wednesday, and for the Chinese tech industry, the results are a little surprising. China’s three biggest internet companies – Baidu, Alibaba, and Tencent (BAT) – didn’t make the list at all. In fact, Alibaba rival JD.com was the only Chinese internet company to break into the 500, coming in at number 366.

上周三，《财富》杂志“年度世界500强企业”新鲜出炉，对于中国的科技行业来说，榜单结果有一些出乎意料。中国三大网络巨头——百度，阿里巴巴以及腾讯（简称BAT）——并未全部上榜。事实上，阿里巴巴的竞争对手京东是中国唯一一个进入世界500强的网络公司，位居榜单366位。

How is that possible? The Fortune list is constructed based only on revenue, so it doesn’t factor in gross merchandise volume (GMV). That means that although Alibaba sells nearly US$500 billion in goods each year, most of those sales don’t count towards the Fortune numbers because the items are sold by third parties, not by Alibaba itself. “If you look at the amount of sales on our platform (GMV) […] we are a larger company than even Wal-Mart,” an Alibaba spokesperson told Tech in Asia.

原因何在？因为《财富》榜单的排名是以营业额作为唯一依据计算的，并不考虑总交易额等因素。尽管阿里巴巴每年的销售量接近5万亿美元，《财富》榜单却不将其列入考虑，因为大多数的成交量是由第三方实现的，而非阿里巴巴本身。一名来自阿里巴巴的发言人在接受《亚洲科技》采访时说：“如果单看平台的交易额，可能比沃尔玛还要壮观。

Of course, the Fortune list also doesn’t account for profitability at all. JD also had rather high expenses in FY2024 and ended up posting net losses of well over US$1 billion, whereas Baidu, Alibaba, and Tencent all posted operating profits.

当然，《财富》榜单也完全不考虑营业能力。在2024年度，京东不仅财政支出巨大，年终净损失超过了10亿美元，反之，百度，阿里巴巴和腾讯都有盈利。

Other Chinese tech firms that appeared came primarily from the telecom and electronics industries. Hon Hai (Foxconn) and Pegatron, two Taiwanese tech manufacturers that do most of their work in China, also made the list. Here’s the full list of Chinese tech companies in theFortune Global 500 (not including transportation or aerospace as tech).

榜单上的其他中国企业也主要来自电信和电子行业。台湾科技厂商鸿海集团和和硕集团的生产活动主要在大陆进行，这两个企业今年也榜上有名。以下是中国所有入榜的科技公司及其排名：

Baidu, Alibaba, and Tencent all miss out on Fortune’s Global 500 list

阿里巴巴、腾讯未能打入世界500强

Fortune magazine’s yearly global 500 list came out on Wednesday, and for the Chinese tech industry, the results are a little surprising. China’s three biggest internet companies – Baidu, Alibaba, and Tencent (BAT) – didn’t make the list at all. In fact, Alibaba rival JD.com was the only Chinese internet company to break into the 500, coming in at number 366.

上周三，《财富》杂志“年度世界500强企业”新鲜出炉，对于中国的科技行业来说，榜单结果有一些出乎意料。中国三大网络巨头——百度，阿里巴巴以及腾讯（简称BAT）——并未全部上榜。事实上，阿里巴巴的竞争对手京东是中国唯一一个进入世界500强的网络公司，位居榜单366位。

How is that possible? The Fortune list is constructed based only on revenue, so it doesn’t factor in gross merchandise volume (GMV). That means that although Alibaba sells nearly US$500 billion in goods each year, most of those sales don’t count towards the Fortune numbers because the items are sold by third parties, not by Alibaba itself. “If you look at the amount of sales on our platform (GMV) […] we are a larger company than even Wal-Mart,” an Alibaba spokesperson told Tech in Asia.

原因何在？因为《财富》榜单的排名是以营业额作为唯一依据计算的，并不考虑总交易额等因素。尽管阿里巴巴每年的销售量接近5万亿美元，《财富》榜单却不将其列入考虑，因为大多数的成交量是由第三方实现的，而非阿里巴巴本身。一名来自阿里巴巴的发言人在接受《亚洲科技》采访时说：“如果单看平台的交易额，可能比沃尔玛还要壮观。

Of course, the Fortune list also doesn’t account for profitability at all. JD also had rather high expenses in FY2024 and ended up posting net losses of well over US$1 billion, whereas Baidu, Alibaba, and Tencent all posted operating profits.

当然，《财富》榜单也完全不考虑营业能力。在2024年度，京东不仅财政支出巨大，年终净损失超过了10亿美元，反之，百度，阿里巴巴和腾讯都有盈利。

Other Chinese tech firms that appeared came primarily from the telecom and electronics industries. Hon Hai (Foxconn) and Pegatron, two Taiwanese tech manufacturers that do most of their work in China, also made the list. Here’s the full list of Chinese tech companies in theFortune Global 500 (not including transportation or aerospace as tech).

榜单上的其他中国企业也主要来自电信和电子行业。台湾科技厂商鸿海集团和和硕集团的生产活动主要在大陆进行，这两个企业今年也榜上有名。以下是中国所有入榜的科技公司及其排名：