A total of 26 Chinese companies were listed in the annual Fab top 50 Asian companies, up from 20 last year, reaching the country's best-ever level, according to a statement on Forbes magazine's website on Wednesday.
Tech giants Alibaba and Tencent are ranked first and second on the list titled "13th annual Fab 50 of the best big publicly traded companies in the Asia-Pacific region," with market values of 9 billion and 7 billion, respectively, according to the statement. The two companies also lead the list in terms of net profits.
Other China-headquartered companies on the list include Baidu, BYD Electronic International, AAC Technologies Holdings, Great Wall Motor and Zhejiang Dahua Technology, said the statement.
The rise of Chinese companies is a result of the country's dynamic economy as well as its deep pool of entrepreneurial talent, the statement noted. In the first half of 2017, China's GDP grew at a robust pace of 6.9 percent, higher than market expectations.
The 50 companies are selected from 1,695 public companies in Asia that have at least .8 billion in annual revenue. Companies that are losing money were excluded from the list.