Chinese tech giant Huawei Technologies Co Ltd has been crowned the best private company in China with a revenue of 603.62 billion yuan ($88.57 billion) in 2017, according to a list of China's top 500 private enterprises.

The list, co-released by the All-China Federation of Industry and Commerce and Liaoning provincial people's government at the 2018 China Top 500 Private Enterprises Summit on Wednesday, has changed greatly compared to last year, as it includes 104 newcomers.

To be included in the list this year, a company's revenue last year had to reach the threshold of 15.68 billion yuan. Total revenue of the top 500 private enterprises stood at 24.48 trillion yuan last year, with an average of 48.96 billion yuan for each.

In addition, 17 of the top 500 private enterprises are listed in the Fortune Global 500, one more than last year.

Lets' take a look at the top 10 private companies in the country this year.

No 10 Dashang Group Co Ltd

Revenue: 280.81 billion yuan

Industry: Department stores, supermarkets and other retail business

Headquarter: Liaoning province

A Dashang supermarket owned by Dashang Group Co Ltd is pictured in Dalian, Liaoning province on July 6, 2013. [Photo/VCG]

No 9 Hengli Group Co Ltd

Revenue: 307.94 billion yuan

Industry: Chemical fiber

Headquarter: Jiangsu province

A worker in a workshop of Hengli Group Co Ltd in Suzhou, Jiangsu province on Sept 10, 2016. [Photo/IC]

No 8 Gome Holdings Group

Revenue: 309.35 billion yuan

Industry: Retail

Headquarter: Beijing

Saleswomen talk in a Gome appliance store in Nanjing, East China's Jiangsu province, on May 31, 2015. [Photo/IC]

No 7 Evergrande Group

Revenue: 311.02 billion yuan

Industry: Real estate

Headquarter: Guangdong province

Xu Jiayin, or Hui Ka Yan, chairman of Evergrande Group, attends a press conference in Hong Kong on August 26, 2014. [Photo/IC]

No 6 Legend Holdings Ltd

Revenue: 316.26 billion yuan

Industry: Computer, telecom, electronic equipment manufacturing

Headquarter: Beijing

Liu Chuanzhi, chairman and co-founder of Legend Holdings Corp, delivers a speech at an event held in Sun Yat-Sen University in Guangzhou, Guangdong province on Oct 28, 2016. [Photo/VCG]