From BYD to SHEIN: Ranking China's most globally impactful companies

by CUI Yu, SHI Guowei, MAO Dun, LIU Lin, JIA Lu, WANG Yu

Chinese companies are entering a new phase of globalization, moving beyond exports toward supply-chain expansion, technology deployment, localized operations and brand building overseas.

At the 2026 China Enterprises Global Impact Dialogue, organized by Jiemian-Cailian Press under the guidance of Shanghai United Media Group, the China Enterprise Globalization Alliance (CEGA) and the Jiemian Cailian Intelligence Institute jointly released the 2026 China Enterprises Global Impact Report and the 2026 Top 100 China Companies with Global Impact ranking.

The event also unveiled rankings for four key globalization sectors: frontier technology and artificial intelligence, consumer and brand innovation, financial and capital services, and life sciences and biopharmaceuticals.

Companies were required to generate at least US$1 billion in overseas revenue in 2025 to qualify for consideration. The study covered both listed and privately held firms, including companies operating through offshore structures such as red-chip and variable interest entity (VIE) arrangements.

The ranking evaluates companies across three dimensions: commercial performance, brand recognition and contribution to local economies.

Commercial performance measures factors including overseas revenue, the share of revenue generated abroad and market capitalization or valuation. Brand recognition assesses visibility and reputation among global consumers and media audiences, while contribution to local economies evaluates companies' ability to integrate into overseas markets and support local development.

The analysis is based primarily on publicly available disclosures, including annual reports, prospectuses, sustainability reports and regulatory filings. Additional data support was provided by Analysys.

According to the report, the Top 100 companies had a combined market capitalization or valuation of 39.7 trillion yuan (US$5.86 trillion), up 28.5% from a year earlier. Combined overseas revenue reached 9.8 trillion yuan, an increase of 15.5%, while overseas business accounted for an average of 49.72% of total revenue, up 2.65 percentage points year-on-year.

The companies generated approximately 7.08 million global media mentions and recorded combined overseas operating costs of 7.93 trillion yuan, up 15.0%.

The top 10 companies were, in order, Lenovo Group, SHEIN, ByteDance, BYD, PetroChina, Huawei, CMOC Group, Luxshare Precision, Haier Smart Home and COSCO Shipping Holdings.

Private companies dominate the ranking

Private enterprises accounted for 53% of the Top 100, up one percentage point from a year earlier, while state-owned enterprises represented 47%, including 29% centrally administered SOEs and 18% local SOEs.

Private companies achieved the highest average score in the study, ahead of both central and local state-owned enterprises.

The report said local SOEs improved their average ranking compared with the previous year, while centrally administered SOEs slipped modestly. It suggested that collaboration between private and state-owned companies is likely to become a growing feature of China’s overseas expansion.

Advanced manufacturing remains the backbone

The ranking reflects a broad industrial mix, with advanced manufacturing playing a leading role.

Electronics manufacturing accounted for the largest share of companies on the list at 17%. Together with sectors including new-energy equipment, automobiles, industrial machinery and pharmaceuticals, advanced manufacturing-related industries represented nearly half of all entrants.

Internet services posted the highest average score at 84.96, followed by resource extraction and processing at 83.81 and consumer goods at 83.47.

While electronics manufacturing, infrastructure and logistics contributed large numbers of companies to the ranking, the report said those sectors still have room to strengthen brand value, operational efficiency and localization capabilities.

AI, renewable energy and digital content gain ground

Some of the strongest ranking improvements came from companies tied to artificial intelligence, renewable energy and digital content.

Optical module makers InnoLight Technology and Eoptolink Technology entered the Top 100 for the first time. Companies including Goldwind, CNGR Advanced Material and Yutong Bus also climbed significantly, benefiting from growing demand linked to the global energy transition.

The report also highlighted the growing global appeal of Chinese IP and digital entertainment.

Pop Mart entered the Top 100 for the first time, while game developer miHoYo climbed 33 places from a year earlier, reflecting increasing global recognition of Chinese consumer brands, digital content and cultural products.

Rankings reshuffle as competition intensifies

Not all sectors moved higher.

Several major solar companies, including JA Solar, JinkoSolar and LONGi Green Energy, fell by more than 10 places compared with the previous year.

The report said the decline shows that global influence is constantly being reshaped as industries evolve and competition intensifies. Sustained investment, innovation and brand development remain critical to maintaining a global presence.

Three economic regions account for most entrants

The Top 100 companies are spread across 18 provinces and municipalities but remain heavily concentrated in three major economic regions: the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area.

Together, the three regions accounted for 74 of the 100 companies.

Beijing ranked first with 24 companies, followed by Guangdong with 19. Jiangsu and Shanghai contributed 10 and 8 companies, respectively.

Beyond the overall ranking, the report classified 269 qualified companies into 14 industry categories and identified leading firms across sectors including artificial intelligence, consumer brands, financial services and biopharmaceuticals.

1. Top 10: Frontier Technology and Artificial Intelligence

2. Top 10: Consumer and Brand Innovation

3. Top 10: Financial and Capital Services

4. Top 8: Life Sciences and Biopharmaceuticals

Note: Fewer than 10 companies qualified for the Life Sciences and Biopharmaceuticals category; therefore, only the Top 8 are included.

For the full report and rankings across additional sectors, please refer to the 2026 China Enterprises Global Impact Report.