The Top 100 Non-Financial TNCs from Developing and Transition Economies Ranked by Foreign Assets

** New – For the latest version of this list go here: The World’s Top 100 Non-Financial TNCs Ranked by Foreign Assets 2015

The Top 100 Non-Financial TNCs from Developing and Transition Economies Ranked by Foreign Assets are listed in the below based on 2013 data:

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S.no.	Corporation	Home economy	Industry c	Foreign Assets ( in millions of US$)	Total Assets ( in millions of US$)
1	Hutchison Whampoa Limited	Hong Kong, China	Diversified	85 721	103 715
2	CITIC Group	China	Diversified	78 602	565 884
3	Hon Hai Precision Industries	Taiwan Province of China	Electrical & electronic equipment	65 471	70 448
4	Petronas - Petroliam Nasional Bhd	Malaysia	Petroleum expl./ref./distr.	49 072	163 275
5	Vale SA	Brazil	Mining & quarrying	45 721	131 478
6	China Ocean Shipping (Group) Company	China	Transport and storage	43 452	56 126
7	China National Offshore Oil Corp	China	Petroleum expl./ref./distr.	34 276	129 834
8	América Móvil SAB de CV	Mexico	Telecommunications	32 008	75 697
9	Lukoil OAO	Russian Federation	Petroleum and natural gas	31 174	98 961
10	Cemex S.A.B. de C.V.	Mexico	Non-metalic mineral products	30 730	36 808
11	Petróleos de Venezuela SA	Venezuela, Bolivarian Republic of	Petroleum expl./ref./distr.	27 462	218 424
12	Samsung Electronics Co., Ltd.	Korea, Republic of	Electrical & electronic equipment	26 077	169 702
13	Singapore Telecommunications Ltd	Singapore	Telecommunications	25 768	32 242
14	Hyundai Motor Company	Korea, Republic of	Motor vehicles	25 443	113 906
15	Jardine Matheson Holdings Ltd	Hong Kong, China	Diversified	24 284	63 460
16	Sabic - Saudi Basic Industries Corp.	Saudi Arabia	Petroleum expl./ref./distr.	23 540	90 089
17	Gazprom JSC	Russian Federation	Petroleum and natural gas	23 425	396 454
18	Wilmar International Limited	Singapore	Food, beverages and tobacco	23 088	41 920
19	China Resources Power Holdings Company Ltd	Hong Kong, China	Energy	22 938	22 938
20	Tata Motors Ltd	India	Automobile	21 575	31 281
21	Ooredoo QSC	Qatar	Telecommunications	20 304	26 104
22	Formosa Plastics Group	Taiwan Province of China	Chemicals	19 994	101 998
23	New World Development Ltd	Hong Kong, China	Diversified	19 857	36 918
24	China National Petroleum Corporation	China	Petroleum expl./ref./distr.	19 284	541 083
25	CapitaLand Ltd	Singapore	Construction and real estate	18 926	30 885
26	Abu Dhabi National Energy Co PJSC	United Arab Emirates	Utilities (Electricity, gas and water)	18 198	33 377
27	Noble Group Ltd	Hong Kong, China	Wholesale trade	17 748	19 700
28	Genting Bhd	Malaysia	Other consumer services	17 719	21 940
29	Petroleo Brasileiro SA	Brazil	Petroleum expl./ref./distr.	16 927	331 078
30	Gerdau SA	Brazil	Metal and metal products	15 684	26 072
31	MTN Group Ltd	South Africa	Telecommunications	15 263	21 409
32	Bharti Airtel Limited	India	Telecommunications	15 153	30 783
33	Tata Steel Ltd	India	Metal and metal products	14 994	27 027
34	CLP Holdings Ltd	Hong Kong, China	Utilities (Electricity, gas and water)	14 855	29 513
35	Sinochem Group	China	Petroleum expl./ref./distr.	14 704	45 488
36	Quanta Computer Inc	Taiwan Province of China	Electrical & electronic equipment	14 494	19 479
37	POSCO	Korea, Republic of	Metal and metal products	13 997	74 289
38	China Resources Enterprises Ltd	Hong Kong, China	Food and beverages	13 426	16 448
39	Golden Agri-Resources Ltd	Singapore	Food	13 286	13 286
40	First Pacific Company Ltd	Hong Kong, China	Electrical & electronic equipment	13 256	13 880
41	YTL Corporation Bhd	Malaysia	Utilities (Electricity, gas and water)	13 010	16 154
42	Sun Hung Kai Properties Ltd	Hong Kong, China	Other services	12 615	60 277
43	Steinhoff International Holdings Ltd	South Africa	Other consumer goods	12 453	16 090
44	Lenovo Group Ltd	China	Electrical & electronic equipment	11 962	16 882
45	Fomento Economico Mexicano SAB	Mexico	Food, beverages and tobacco	11 919	22 752
46	Shangri-La Asia Ltd	Hong Kong, China	Other consumer services	11 496	11 920
47	Hindalco Industries Ltd	India	Diversified	11 325	22 186
48	Li & Fung Ltd	Hong Kong, China	Wholesale trade	11 254	12 015
49	Gold Fields Ltd	South Africa	Metal and metal products	10 931	11 200
50	Oil and Natural Gas Corp Ltd	India	Petroleum expl./ref./distr.	10 930	46 630
51	Sonatrach	Algeria	Petroleum and natural gas	10 358	103 584
52	Etisalat - Emirates Telecom Corp.	United Arab Emirates	Telecommunications	9 834	21 821
53	Sasol Limited	South Africa	Chemicals	9 486	24 638
54	San Miguel Corp	Philippines	Food, beverages and tobacco	9 437	25 298
55	Zain	Kuwait	Telecommunications	9 412	10 438
56	Flextronics International Ltd	Singapore	Electrical & electronic equipment	9 395	10 592
57	The Hong Kong & China Gas Company Limite	Hong Kong, China	Electricity, gas and water	9 243	12 776
58	Swire Pacific Ltd	Hong Kong, China	Business services	8 996	41 567
59	JBS SA	Brazil	Food, beverages and tobacco	8 804	24 307
60	Ternium SA	Argentina	Metal and metal products	8 412	10 867
61	China Mobile Limited	China	Telecommunications	8 349	166 972
62	Pou Chen Corp	Taiwan Province of China	Other consumer goods	7 880	8 410
63	Naspers Ltd	South Africa	Other consumer services	7 769	8 811
64	Tata Consultancy Services	India	Other services	7 247	9 616
65	Wistron Corp	Taiwan Province of China	Other equipments goods	7 224	9 389
66	Grupo Bimbo SAB de CV	Mexico	Food, beverages and tobacco	7 209	10 491
67	Orascom Construction Industries SAE	Egypt	Construction	7 146	11 271
68	China Electronics Corporation (CEC)	China	Electronics	7 784	29 047
69	DP World Limited	United Arab Emirates	Transport and storage	6 877	16 434
70	Compal Electronics Inc	Taiwan Province of China	Other consumer goods	6 795	10 658
71	Doosan Corp	Korea, Republic of	Construction	6 659	29 527
72	Sime Darby Bhd	Malaysia	Diversified	6 628	15 068
73	Turkcell Iletisim Hizmetleri AS	Turkey	Telecommunications	6 461	10 428
74	LG Electronics Inc.	Korea, Republic of	Electrical & electronic equipment	6 148	29 482
75	Olam International Ltd	Singapore	Electrical & electronic equipment	6 039	10 875
76	Severstal Group Holdings	Russian Federation	Metal and metal products	5 954	15 707
77	Cofco Ltd.	China	Food, beverages and tobacco	5 952	41 264
78	Power Assets Holdings Limited	Hong Kong, China	Electricity, gas and water	5 753	13 114
79	Embraer - Empresa Bras De Aeronautica SA	Brazil	Aircraft	5 707	9 465
80	Keppel Corp Ltd	Singapore	Diversified	5 652	23 842
81	Galaxy Entertainment Group Ltd	Hong Kong, China	Other consumer services	5 619	5 727
82	Inventec Co Ltd	Taiwan Province of China	Electrical & electronic equipment	5 483	6 169
83	Medi-Clinic Corp Ltd	South Africa	Other consumer services	5 343	6 154
84	Mechel OAO	Russian Federation	Metal and metal products	5 186	17 695
85	Sinopec - China Petrochemical Corporation	China	Petroleum expl./ref./distr.	5 030	201 027
86	Fraser and Neave Ltd	Singapore	Food, beverages and tobacco	4 995	11 975
87	Shenzhen International Holdings Limited	Hong Kong, China	Construction	4 949	5 468
88	Advanced Semiconductor Engineering Inc	Taiwan Province of China	Electrical & electronic equipment	4 896	8 494
89	China Minmetals Corp	China	Metal and metal products	4 885	39 225
90	Guangdong Investment Ltd	Hong Kong, China	Utilities (Electricity, gas and water)	4 558	4 820
91	City Developments Ltd	Singapore	Other consumer services	4 555	12 757
92	Road King Infrastructure Ltd	Hong Kong, China	Transport and storage	4 328	4 809
93	Cheng Shin Rubber Industry Co	Taiwan Province of China	Chemicals	4 301	5 206
94	Acer Inc	Taiwan Province of China	Electrical & electronic equipment	4 248	7 810
95	Hynix Semiconductor Inc	Korea, Republic of	Electrical & electronic equipment	4 011	17 478
96	Suzlon Energy Ltd	India	Diversified	3 990	5 337
97	Netcare Ltd	South Africa	Other consumer services	3 892	5 325
98	Sappi Ltd	South Africa	Wood and paper products	3 866	6 168
99	Enka Insaat ve Sanayi AS	Turkey	Construction and real estate	3 804	8 209
100	China Railway Construction Corporation Ltd	China	Construction	3 761	76 282

Showing 1 to 100 of 100 entries

Source: UNCTAD

Chinese firms located in mainland China and Hong Kong dominate this list.Many oil and utility firms are in this ranking since they have usually have major overseas operations.Lukoil OAO (LUKOY) of Russia, Sinopec – China Petrochemical Corporation (SNP) of China have big presence in other countries as well. South Africa’s MTN Group Ltd is a major player in the telecom space in many African countries.As these firms represent large multinationals from each of the country listed investors can consider these companies when exploring options for investments in emerging and frontier markets.

Download: The Top 100 Non-Financial TNCs from Developing and Transition Economies Ranked by Foreign Assets Full List (in Excel format).

Disclosure: Long PBR