The 2020 list of the top 500 Chinese enterprises was unveiled on Sept. 28, with state-owned oil giant Sinopec Group taking the top spot.

The list was calculated and based on revenues of companies on the Chinese mainland in 2019, and has been compiled every year by the China Enterprise Confederation and the China Enterprise Directors Association since 2002.

Sinopec's revenues reached 2.81 trillion yuan (around $411 billion) in 2019, earning it first place on the list. Sinopec was followed by the State Grid Corporation of China and China National Petroleum Corporation.

The number of firms reporting revenue of more than 100 billion yuan rose to 217 from 194 last year.

The average profit margin of companies on the list was 4.53% in 2019, while the return on net assets of the top 500 companies decreased to 1.25%.

Among the top 500 enterprises, 97 are based in Beijing, 57 are from Guangdong province and 47 from Shandong province. The three regions recorded the highest numbers of big companies.

A total of 121 Chinese mainland companies also made the global top 500 list as compiled by Fortune magazine.

In addition, two other lists, China's Top 500 Manufacturers and Top 500 Service Companies, were also released.