Twenty-two companies from the Guangdong-Hong Kong-Macao Greater Bay Area have made this year's Fortune Global 500 list — a ranking of the world's leading enterprises in terms of revenue — which was released by Fortune China on Monday.

Shenzhen, Guangdong province-based Ping An Insurance, ranking 53rd on the list, raked in the most revenue last year in the Bay Area, followed by Hong Kong-based China Resources. The two cities are home to nine and five of these 22 companies, respectively, with the others based in Guangzhou, Foshan and Dongguan.

Electric vehicle maker BYD from Shenzhen registered the most significant growth in the area, jumping 69 places compared to the previous year, maintaining a strong development momentum even after it leaped from 436th position in 2022 to 212th in 2023. In the area, 12 companies saw an increase in their rankings compared to last year.

Liu Jinshan, a professor of the College of Economics at Jinan University, attributed the success of Shenzhen to its persistence in prioritizing private sector innovation. More than 90 percent of Shenzhen's research and development personnel, R&D funds and invention patents come from enterprises, he said.

In terms of annual profit, Hong Kong-based insurance giant AIA Group's bottom line rocketed more than 1,200 percent over last year, pulling itself back to the conversation since it failed to make the list last time.

It managed such a remarkable comeback thanks to new orders from Chinese mainland customers after the full resumption of cross-border travel last year. Liu said it indicates the significance of the integration of the Great Bay Area with the local economy.

In total, 133 Chinese companies, including those in the Taiwan province, made it to the annual list. This is the first time since 2018 that the number of Chinese listed companies did not rank first, but now follow the US.

Liu Guohong, vice-president of Shenzhen-based think tank China Development Institute, is optimistic about the growth trend in the GBA.

Liu said that the internet sector is recovering with the vast majority of listed internet platform companies performing impressively, while the automotive industry is undergoing massive changes with new energy vehicle makers rapidly emerging. By contrast, Guangzhou Automobile Industry Group, a traditional automobile manufacturer in the area, recorded negative growth in both revenue and net profit.

"It indicates that there are no 'sunset industries', only 'sunset companies'. New technologies and new models are nurturing the emergence of new world corporate giants," he added.

Wang Zhile, president of Shenzhen Corporation Compliance Association, said cultivating more leading world-class enterprises requires the enhancement of not only individual corporate strength, but also entire industries.

Taking the real estate industry as an example, only three property developers made the list nationwide this year, with four companies dropping off in the past two years. One of them is Foshan-based developer Country Garden.

The list has seen no newcomers from the Great Bay Area this year and four enterprises dropped off.

Wang believes Chinese enterprises are facing the challenge of "developing from big to strong", and their advances in tech and productivity are not enough.

"Soft strengths such as strategic management and compliance management need to be boosted," he said.

Moreover, Wang pointed out that the restructuring of the international industrial chain also presents "unprecedented severe challenges" for the development of Chinese enterprises.