Fujian province's 2022 top 100 private company list was released at a news conference held on Sept 26, with the threshold operating income reaching 4.3 billion yuan ($609.83 million), a year-on-year increase of 760 million yuan .

Statistics indicate that the province's top 100 private companies' operating incomes totaled 1.85 trillion yuan in 2022. Three company's operating incomes exceeded 100 billion yuan in 2022.

Tsingtuo Group, a stainless steel manufacturer, topped the list for the first time with its operating income amounting to 160.61 billion yuan. Contemporary Amperex Technology Co Ltd (CATL) and Great Dong Hai Corporation trailed the steel company on the list with their operating incomes in 2022 reaching 130.36 billion yuan and 101.23 billion yuan, respectively.

The average net profit margin of the private companies shortlisted in the top 100 list this year was 6.77 percent, an increase of 1.21 percentage points year-on-year, official said at the news conference.

The list showed that coastal cities posted an advantage for private companies to grow as Xiamen, Fuzhou, and Quanzhou had 38, 31, and 17 companies shortlisted in the list, respectively.

The manufacturing sector showed a supporting position as 64 companies out of the top 100 private companies have a main business in the secondary industry, and 36 companies have a main business in the tertiary industry.

Statistics also show that more efforts are being put into technological innovation as the research and development investment of the top 100 private companies totaled 42.97 billion yuan, an increase of 163.2 percent year-on-year.