Sun Yafang, chairwoman of tech giant Huawei, topped Forbes China's list of 100 outstanding businesswomen whose firms have created a total market capitalization of more than 7 trillion yuan (.1 trillion).
Sun replaced Dong Mingzhu, president of Gree Electric Appliances, who was No. 1 last year but dropped to third this year. Sun was credited for building Huawei into an industry leader.
Li Qingping, chairwoman of China CITIC Bank, was close behind in second place. Li, who has been a banker for more than 30 years, has transformed and improved CITIC Bank, Forbes said.
Song Guangju, chairwoman of Poly Real Estate Group, moved up one place to fourth this year, while last year's third-placed Lucy Peng, chief executive of Ant Financial, dropped to fifth this year.
Wang Jianjun, president of Shanghai Media Group, was 30th, and Belinda Wong, chief executive officer of Starbucks China, was 34th.
For the first time, Forbes listed 25 most promising Chinese businesswomen in this year's list. They include Qu Fang, co-founder of cross-border online shopping site Xiaohongshu, Mi Wenjuan, founder of online English education startup VIPKID, and Zhu Haiqin, founder of restaurant chain Mystic South-Yunnan Ethnic Cuisine.