The All-China Federation of Industry & Commerce (ACFIC) released a report on the country's top 500 private companies Sunday in Beijing, and according to the report, total net profits of the top 500 amounted to less than that of the country's two largest State-owned companies.

In 2009, the country's top 500 private enterprises had net profits of as high as 217.95 billion yuan ($32.05 billion) in total, while China Mobile alone achieved the mark of 115.17 billion yuan ($16.93 billion), and China National Petroleum Corporation (CNPC) 103.39 billion yuan ($15.2 billion).

Jiangsu Shagang Group tops the list with a revenue of 146.3 billion yuan ($21.51 billion), followed by Suning Appliance and Legend Holdings.

Huang Mengfu, chairman of the ACFIC, said China should build a good development environment for the country's large private companies and foster large multinational companies.

Moreover, according to the report, of the top 500, 44 percent plan to invest in the property and manufacturing sectors within the next three years.