China's top 50 listed companies were unveiled recently, with SinoPec, China Unicom and Bao Steel taking the first three places on the list.

By the end of 2002, the total assets of the 50 companies was 2.15 trillion yuan (US$295.7 billion), accounting for half of the total of 1198 companies listed on Shanghai and Shenzhen stock exchanges.

It is the fifth appraisal of its kind, launched by Listed Companies, a magazine jointly set up by the People's Daily and Shanghai Stock Exchange. Companies are appraised from four aspects -- total assets, income from main businesses, net profit and market value.

The result shows that the total assets of the top 50 companies increased by 60 percent over the previous year, while the net profit increased by 20 percent, higher than the average level of listed companies.

Of the 50, SinoPec took the lead in respect of income, net profit and market value and China Merchants Bank ranked first in respect of total assets.

Experts say the result shows blue-chip stocks have begun to play an important role in China's capital market. In 2002, blue-chip stocks, instead of ST (special treatment) stocks, became a hot item on China's two bourses.

(Xinhua News Agency June 10, 2003)