Amer Group is Guangdong's biggest private enterprise, ahead of Huawei

Guangdong province has released a list of the province's top 100 private enterprises in 2022 in terms of revenue, with low-profile electronic and new material company Amer International Group replacing Huawei to take top spot, while Huawei is listed in the second place. They are followed by tech firm Tencent, property developer Country Garden, and the rapidly growing China Merchants Bank. Other companies in the top 10 include Midea, TCL, BYD, SF Express and Gree.

The combined revenue of the top 100 private enterprises in Guangdong reached CNY7.4 trillion in 2022, almost equivalent to the GDP of Indonesia, the world's 16th largest economy last year. The threshold to be included on the list was CNY10.26 billion in 2022. The total profit of the 100 private companies hit a record high of CNY759 billion, with an annual average growth rate of 30%. Most companies appearing on the list are in manufacturing, new energy, internet, electronic information, finance, property and home appliances, as well as other services sectors.

Out of the top 100 private firms, China's "Silicon Valley" Shenzhen, is home to 53 and the city is home to the top three companies: Amer, Huawei and Tencent. While Huawei's fall is mostly due to the spin-off of sub-brand Honor, the list also shed light on the No 1 private company in Guangdong, low-profile Amer International Group. According to its website, the company mainly focuses on the whole industry chain of new electronic information and new materials and is the world's leading new metallic materials producer. The company employs over 18,000 workers. The company owns more than 40 industrial parks across China, including new metallic materials industrial parks in Shenzhen (Guangdong), Ganzhou (Jiangxi) and Tongling (Anhui).

Observers said that the rise of Amer is partly due to the bulk commodity price hikes since the beginning of the year, which increased the company's income and profitability. In 2021, the company reported a revenue of CNY722.75 billion. Amer also ranked 4th on the China Top 500 Private Enterprises and 2nd on the China Top 500 Private Manufacturing Enterprises. “The company mainly supplies products to business clients, and that's why it remains little known to the public,” market analyst Liu Dingding told the Global Times. According to the Hurun Global Rich List 2022, the founder of Amer, Wang Wenyin, also known as the “copper king of the world,” is ranked No 120 globally with a wealth of CNY100 billion. Last year, economic value generated by the private economy rose 7.8% to reach CNY6.78 trillion in Guangdong. The private sector also provides over 60% of employment in the province.