Zhejiang authorities released a list of the province's top 50 privately-owned Chinese multinational companies at a forum on the development of such firms in the provincial capital of Hangzhou on Oct 23.

The list was compiled by the Zhejiang Outbound Investment Enterprises Association and a Zhejiang-based research institute that studies multinational corporations following the guidance of the Zhejiang Provincial Department of Commerce. Companies on the list are ranked according to key performance indicators in multinational operations.

Zhejiang Geely Holding Group, China's largest private carmaker, tops the list. It is followed by Tsingshan Holding Group, Joyson Electronics, Wanxiang Group, and Hailiang Group.

As of the end of 2019, the top 50 companies had a combined 539.5 billion yuan ($80.5 billion) in overseas assets and 217,900 overseas employees. They generated an average of 1.79 billion yuan in exports in 2019.

Among the top 50 companies, 20 are based in Hangzhou, seven in Shaoxing, and five in Ningbo. Wenzhou, Jiaxing, and Taizhou are all home to four companies on the list.