This is the first time that the telecommunications giant breaks into the top 50, continuing a multi-year track record of acceleration, said a release on Saturday.

“Huawei’s net profit rose 5.6 percent in 2019, and revenue grew a further 13.1 percent year-on-year in the first half of 2020, despite the company’s persistent geopolitical entanglements,” said the Fortune report.

The Fortune 500 list ranks companies according to their revenue and profit, focusing on the size

of the companies compared with other lists.

The Fortune 500 rankings have become an important indicator that renowned companies use to measure their own strengths, size, and international competitiveness, a parameter of the global economy that transcends beyond borders, nationality, and cultural differences.

Earlier this year, Huawei has ranked No. 6 in Boston Consulting Group’s list of the 50 Most Innovative Companies in 2020, moved up by 42 places than last year, which was the highest-ranking for the tech giant since it made the list first in 2012.

In the global fight against COVID-19, Huawei doubled down its innovation efforts and launched the anti-COVID-19 Partner Program that focuses on AI, remote office, smart healthcare, and online education, to support the battle against the pandemic.

“The complex external environment makes open collaboration and trust in global value chains more important than ever. Huawei has promised to continue fulfilling its obligations to customers and suppliers, and to survive, forge ahead, and contribute to the global digital economy and technological development,” said Huawei when announcing its 2020 H1 business results in July.