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

阿里巴巴、騰訊未能打入世界500強

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，《財富》雜志“年度世界500強企業”新鮮出爐，對于中國的科技行業來說，榜單結果有一些出乎意料。中國三大網絡巨頭——百度，阿里巴巴以及騰訊（簡稱BAT）——并未全部上榜。事實上，阿里巴巴的競爭對手京東是中國唯一一個進入世界500強的網絡公司，位居榜單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？因為《財富》榜單的排名是以營業額作為唯一依據計算的，并不考慮總交易額等因素。盡管阿里巴巴每年的銷售量接近5萬億美元，《財富》榜單卻不將其列入考慮，因為大多數的成交量是由第三方實現的，而非阿里巴巴本身。一名來自阿里巴巴的發言人在接受《亞洲科技》采訪時說：“如果單看平臺的交易額，可能比沃爾瑪還要壯觀。

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.

當然，《財富》榜單也完全不考慮營業能力。在2024年度，京東不僅財政支出巨大，年終凈損失超過了10億美元，反之，百度，阿里巴巴和騰訊都有盈利。

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).

榜單上的其他中國企業也主要來自電信和電子行業。臺灣科技廠商鴻海集團和和碩集團的生產活動主要在大陸進行，這兩個企業今年也榜上有名。以下是中國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、騰訊未能打入世界500強

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，《財富》雜志“年度世界500強企業”新鮮出爐，對于中國的科技行業來說，榜單結果有一些出乎意料。中國三大網絡巨頭——百度，阿里巴巴以及騰訊（簡稱BAT）——并未全部上榜。事實上，阿里巴巴的競爭對手京東是中國唯一一個進入世界500強的網絡公司，位居榜單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？因為《財富》榜單的排名是以營業額作為唯一依據計算的，并不考慮總交易額等因素。盡管阿里巴巴每年的銷售量接近5萬億美元，《財富》榜單卻不將其列入考慮，因為大多數的成交量是由第三方實現的，而非阿里巴巴本身。一名來自阿里巴巴的發言人在接受《亞洲科技》采訪時說：“如果單看平臺的交易額，可能比沃爾瑪還要壯觀。

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.

當然，《財富》榜單也完全不考慮營業能力。在2024年度，京東不僅財政支出巨大，年終凈損失超過了10億美元，反之，百度，阿里巴巴和騰訊都有盈利。

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).

榜單上的其他中國企業也主要來自電信和電子行業。臺灣科技廠商鴻海集團和和碩集團的生產活動主要在大陸進行，這兩個企業今年也榜上有名。以下是中國所有入榜的科技公司及其排名：