Huawei, a leading information and communication technology solutions provider based in the southern city of Shenzhen, ranked first among China's top 500 non-State owned firms in 2010 with a business revenue of 185.2 billion yuan ($28.9 billion), a survey released Thursday shows.

The 500 private companies, with 329 in manufacturing and many located in eastern China's Zhejiang and Jiangsu provinces, gained an average business revenue of 13.97 billion yuan last year, up 47.5 percent year-on-year, according to the annual survey released by the All-China Federation of Industry and Commerce.

Their average assets reached 11.77 billion yuan, up 50.9 percent year-on-year; their average net profits increased by 79.5 percent to 782 million yuan last year, according to the survey.

Both based in Jiangsu, Shagang Group in the steel business and Suning Appliance, a leading home appliance retail chain, respectively ranked second and third on the list.

The list was based on a survey conducted by the federation involving the country's private companies whose business revenue in 2010 surpassed 300 million yuan.