The Standard & Poor's agency has published a list of the top 100 Chinese companies quoted on the stock exchange in Shanghai, Shenzhen, Hong Kong, London and New York, according to their 2004 turnover. The top five are: 1) CHINA PETROLEUM & CHEMICAL ($5.76 billion turnover); 2) PETROCHINA ($3.79 billion turnover); 3) CHINA MOBILE ($1.88 billion turnover); 4) CHINA TELECOM ($1.57 billion turnover); and 5) CHINA UNITED TELECOMMUNICATIONS ($0.77 billion turnover in 2004). The agency points out that none of the above are soundly established and that their success remains linked in some way to the State. The most lucrative sector is the oil sector.