A total of 129 Chinese companies feature in the Fortune Global 500, surpassing the US for the first time, which has 121 companies on the list.

China's largest State-owned oil and gas company, Sinopec Group, climbed one spot to second place due to revenue and profit gains last year, according to a report by the magazine.

Behind Walmart – whose revenue was $514.41 billion – Sinopec Group last year recorded a 26.8 percent growth in revenue to $414.65 billion and profits of $5.85 billion, a year-on-year growth of 280.1 percent.

The results were driven largely by domestic demand for gas and chemical products, the report said.

Three Chinese companies, which work primarily with natural resources, made the list's top 5.

Let take a look at the top 10 companies in the Fortune Global 500.