Mainland muscles up Forbes list
Booming mainland firms have not only captured the world's attention, they have also seized a significant chunk of its market share as well, according to a ranking by Forbes magazine released this week.
The mainland's representation on Forbes' latest annual Global 2000 list of largest public companies surged to 70 from 44 last year. Those from Hong Kong, however, dipped to 39 from 45.
The report highlighted the mainland for adding 45 companies to the list since 2004, more than twice the amount mustered by any other country.
Major mainland companies have grown at a frantic pace in order to meet demands from the country's rapidly swelling economy.
Their pursuit of the resources, expertise, and customers has started to tip the balance in international markets.
'Their economy is assuming a bigger footprint on the world stage, so it wouldn't be surprising that some of their companies are assuming greater prominence,' said David Cohen, an economist at Action Economics.
PetroChina, Industrial and Commercial Bank of China and Sinopec were the mainland's headliners on the list, coming in at 30th, 42nd and 52nd respectively. Other big names included Bank of China, China Life Insurance, China Telecom.
Companies based or registered in Hong Kong that made it on the list included China Mobile, ranking at No.78, Hutchison Whampoa at 174 and CNOOC, 296. Meanwhile, HSBC Holdings topped the list, overtaking the struggling Citigroup.
The Forbes list was inaugurated in 2004 and ranks global publicly traded firms on the basis of their sales, profits, assets and market value.
While Hong Kong's representation on the list shrank from last year, it has still added 15 companies since 2004 to come in fifth-best in that regard.
Cities like Hong Kong and arch-rival Singapore still held trump cards for transparent legal systems, mature financial structures and English-language backgrounds, Mr Cohen said.
