Shenzhen-based company Huawei has claimed the top spot in Fortune’s ranking of the most admired companies in China, followed by Sany Group and Xiaomi, Shenzhen Special Zone Daily reported.

Fortune China has recently released the All-Stars list of the most admired Chinese companies in 2020, among which companies from Shenzhen have made quite a stellar performance.

In addition to Huawei, SF Express and Ping An also cracked the top 10, ranking fifth and ninth places, respectively.

Other Shenzhen companies including China Merchants Bank, Tencent, BYD and Skyworth also made it on to the list, which is recognized as a “barometer” of the soft power of Chinese companies.

There are 427 candidates in this year’s rankings, the majority are Chinese companies on the lists of Fortune China 500 and Fortune Global 500, as well as some well-known large Chinese enterprises.

It is believed that enterprises that rank high on the list are all private enterprises with a relatively high level of internationalization, which indicates that China’s leading private enterprises are gradually becoming the main force driving development in the global economy.

It is also suggested that these enterprises have made remarkable achievements in effectively coping with the impact of business cycles, strategic restructuring and business adjustment and investment and efficient team building, as well as leadership and talent management.