Comapnies in the GBA｜The centrally-owned behemoth earns 500 million Yuan per day

南方财经全媒体记者杨雨莱 广州报道

In 1872, the moment Li Hongzhang, the Viceroy of Zhili, handed out the memorial to the throne, the gear of destiny began to spin. The first ship transportation enterprise in modern China came into being. After 151 years, the enterprise not only endures but prospers to earn a place in the Fortune Global 500 ranking. Today, its total assets have exceeded 12 trillion Yuan, a titan among China's central enterprises. It has made its mark in almost every aspect of our daily life, from the roads we drive on, to the bank we use, and the mall we shop at.

It made it in Fortune Global 500 for the 6th time this year, ranking 175th. In 2022, its net profit reached 180 billion Yuan, or earning 500 million Yuan every day, far surpassing Alibaba. It is China Merchants Group. Founded in 1872 as the China Merchants Steam Navigation Company, China Merchants Group is the first joint-stock enterprise in modern China. 

As a pioneer in the history of modern enterprise, the group set countless records: Launching China’s first commercial ocean-going route; Investing in the first batch of national industrial and commercial firms; Developing Shekou Industrial Zone in Shenzhen, China’s first industrial zone that opens to the world; Initiating the first joint-equity commercial bank in China -- China Merchants Bank; Starting the first share-holding insurance company in China -- Ping An Insurance.

China Merchants Group, now boasts 23 subsidiaries covering port, finance, technology, and health, as it plays a major role in furthering the Belt and Road Initiative. Take the transportation and logistics business as an example, China Merchants Port Group is the largest port operator in China, with 50 ports in 25 countries and regions on six continents, expanding international influence through its flagship port business; China Merchants Energy Shipping operates and manages 306 ships with 43.48 million DWT, ranking 2nd in terms of capacity among non-financial shipowners in the world; China Merchants Highway is one of the largest highway investors and operators in China. By the end of 2022, its total mileage of invested and operated highways amounted to 12,914 km in 22 provincial-level regions, equivalent to nearly one-third of the Equator. 

As a central SOE with more than 12 trillion yuan in total assets, each of China Merchants Group’s subsidiary is the leader in their respective sector. Data show that the combined market value of China Merchants Group’s subsidiaries adds up to more than 1.3 trillion yuan.

For over a century, China Merchants Group has been riding on a bumpy road. Its management style was unavoidably “outdated” in the early stage, just like many other conventional SOEs. China Merchants Group suffered a blow in the 1997 Asian financial crisis, like many of its own kind. It was once in a liquidity crisis but got through it in 2000 after reducing debts, scaling back  businesses, and seeking state support. The Group then got back on track and grew to a 12.4 trillion Yuan behemoth with two Fortune 500 companies under its wing. Looking at the future, how far will this 151-year-old giant go? What kind of new path will it blaze? The world will be watching.

出品：南财国际传播中心 21新媒体中心 创意互动中心

策划统筹：于晓娜 丁青云

内容统筹：谭婷 梁宇芳

责任编辑：江佩霞

执行统筹：黄欣然

设计统筹：林军明

视频统筹：白宇航

监制：施诗

英文翻译&配音：李莹亮

海外运营监制: 黄燕淑

海外运营内容统筹: 黄子豪

运营支持：曾静娇

审校：强燕 黄志明

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