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Huangpu-based enterprise makes Fortune Global 500

Source: chinadaily.com.cn | Updated : 2019-07-23

Cedar Holdings, a private company based in Guangzhou's Huangpu district, is included in the latest Fortune Global 500 list, rising from last year's 361st place to 301st with $40.6 billion in revenue in 2018.

It is also the only private enterprise from Guangzhou to make the list.

Cedar Holdings is an industry-oriented comprehensive industrial group specializing in bulk commodities.

The company has expanded its upstream and downstream industrial chain worldwide in recent years, and now has abundant mineral resources such as gold, copper, iron, and coal.

It is active in Asia, Europe and Africa, with branches covering more than 10 countries and regions.

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Design sketch of a new headquarter of Cedar Holdings [Photo provided to chinadaily.com.cn]

In addition to Cedar Holdings, the city's China Southern Power Grid (111th) and Guangzhou Automobile Group Co (189th) won places in the rankings.

By the end of 2018, Guangzhou had attracted 1,017 investment projects from 301 Fortune Global 500-listed enterprises. More than 120 of them have set up headquarters in Guangzhou.

By April, the Guangzhou High-tech Industrial Development Zone had drawn 179 projects from Fortune Global 500-listed companies and the area along the Kaichuang Avenue in the zone has become a cluster of eastern Guangzhou headquarters.

China has a record 129 companies on the latest Fortune Global 500 list, surpassing the United States, with 121 entries, for the first time.

The list, compiled and published by Fortune magazine each year, ranks the top 500 companies worldwide by revenue, and has long been considered the most influential and authoritative yardstick to indicate the strength, scale and global presence of world famous enterprises.

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