Over 200 Shenzhen enterprises have ranked among the Guangdong Top 500 Enterprises for 2021, according to a list released by the Guangdong Provincial Federation of Enterprises and Guangdong Entrepreneurs Association.

In addition to traditional big players like Ping An, Huawei and Tencent, some so-called small giants in niche markets like Evoc, Lexin, OFILM and Sangfor were also on the list, showing Shenzhen economy’s great potential and resilience.

Eight out of the top 10 enterprises came from Shenzhen. Among the top 500, some new entrants are engaged in digital consumption and fintech industries. For example, Lexin is a fintech enterprise with more than 150 million users and an annual revenue of 10 billion yuan (US$1.58 billion). Data showed that the company invested 500 million yuan last year in research and development, accounting for 18 percent of its operating costs. It has also applied for 460 patents.

Another company, Sangfor, also spent heavily on research and development and some 40 percent of its employees are engaged in research.

Guangdong enterprises play a leading role in promoting innovation in the country, as evidenced by two reports from the All-China Federation of Industry and Commerce published in October last year.