A Huawei retail store. (Photo: IC)

XINING, Aug. 22 (Xinhua) -- China on Thursday unveiled its latest rankings for 500 largest private enterprises, with tech giant Huawei atop the list amid sound development of the country's private business.

The list by the All-China Federation of Industry and Commerce (ACFIC) came at the China Top 500 Private Enterprises Summit 2019 held in Xining, the capital of northwest China's Qinghai Province.

Huawei peaked the list with a revenue of 721.2 billion yuan (102 billion U.S. dollars) in 2018. Top companies also include HNA Group, Suning, Amer International, Evergrande, JD.com, Country Garden, Hengli Group, Legend Holdings and Gome Holdings.

To be listed, an enterprise needed to have revenues exceeding 18.59 billion yuan last year.

A total of 20 of China's private firms were also on the list of the world's top 500 companies, three more than last year.

Chinese e-commerce platform JD slipped down two spots to sixth this year, following behind Amer International Group, a Shenzhen-based company for non-ferrous metal processing, and the real estate conglomerate China Evergrande Group.

Companies in this year's list should at least register operating revenue of about 18.59 billion yuan, according to the ranking.