Alibaba Group has featured in the Fortune China 500 for the first time. The list, based on the gross Chinese turnover of companies, shows that its competitor, JD.com, is still ahead of Alibaba.
Last year, Alibaba's turnover surpassed 70 billion yen (10.08 billion euro), which has given it the 81st spot in the list, while JD.com, another eCommerce company, jumped from 79th to the 45th spot thanks to a 115 billion yen (16.56 billion euro) turnover. That means JD.com has managed a 66 % turnover increase compared to the year before.
It is China's largest online retailer in China, which means that many of its transactions are actual turnover, whereas Alibaba provides a platform for other sellers, limiting the turnover flowing back to Alibaba itself.
Unsurprisingly, the fast growers in the Fortune China 500 are internet-based companies. On average, their turnover grew 40 % over the last year, whereas turnover for all companies is well below that number, at + 5 %.