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