China's largest private steel enterprise Shagang Group ranked first in the 2012 list of the country's top 500 non-state-owned enterprises, with business revenue of 207.5 billion yuan ($32.68 billion) in 2011, according to the annual survey recently released by the All-China Federation of Industry and Commerce.

Last year's champion Huawei, a leading telecommunications equipment and technology solutions provider, took the second spot on the list, and home appliance retail chain Suning came in third.

The top 500 private companies posted average business revenues of 18.61 billion yuan ($2.95 billion) last year, up 33.25 percent year on year, and their average profits reached 877 million yuan ($139.2 million), registering a 12.17-percent increase. The total assets of the 500 enterprises reached 7.77 trillion yuan ($1.23 trillion).

There is still a regional imbalance among the top 500, with 380 enterprises on the list based in the country's eastern regions, according to the survey.