The conference for the 2020 China's Top 500 New Economy Enterprises List is held in Hangzhou, capital of Zhejiang province, on Nov 28. [Photo/zjol.com.cn]

The China Enterprises Evaluation Association released the 2020 China's Top 500 New Economy Enterprises List at a conference in Hangzhou, capital of Zhejiang province, on Nov 28.

There are 426 privately owned enterprises and 74 State-owned enterprises in the rankings. Of the 69 Zhejiang enterprises that made the list, 42 are based in Hangzhou.

The list is the first professional ranking of Chinese enterprises that represent the "new economy", which refers to businesses involving advanced digital technologies such as big data, artificial intelligence, and cloud computing.

The list ranks new economy enterprises according to their market valuation while taking into account their indicators in operating capacity, growth rate, profitability, technological strength, employment, and reputation.

The top three enterprises on the list are Alibaba, Tencent, and Huawei. Zhejiang Dahua Technology Co, a Hangzhou-based video-centric internet of things (IoT) service provider, was ranked 95th.

The company's vice-president Wang Ying believes new economy enterprises should invest heavily in technological innovations.

"Innovation is the driving force and core competitiveness for Dahua's development. We spend over 10 percent of our annual sales revenue on R&D activities every year," said Wang.

Zhejiang Dahua Technology Co, which has established five research institutes and numerous laboratories, has also expanded its offerings from security-related surveillance cameras to products such as video conferencing, drones, robots and electronic vehicle plates.

"With the construction and application of artificial intelligence, cloud computing, big data, 5G communications, IoT and other new-pattern infrastructure, our company believes the video-centric IoT industry has promising prospects. We will continue to push forward the digital transformation for many industries," said Wang.