Chinese firms Alibaba, Xiaomi lauded as budding innovation powerhouses

E-commerce giant Alibaba Group and smartphone supplier Xiaomi Technology have been named among this year's most promising innovative enterprises in a global survey, burnishing the credentials of their founders as rising captains of industry on the mainland.

In its latest report on the world's most innovative companies, the Boston Consulting Group (BCG) included the two privately held Chinese firms in the new category of "up-and-coming companies".

The US-based management consultancy said "many of these up-and-comers are innovating around the latest technologies - social media, mobile applications, and cloud-based services, with almost all leveraging mobile platforms".

"It's always an honour to be recognised, but our true satisfaction comes from taking care of our customers around the world and playing a role in helping them be more successful," Alibaba spokesman John Spelich said yesterday.

Based in Beijing, Xiaomi was founded in 2010 by internet entrepreneur Lei Jun, who serves as its CEO. The firm aims to expand internationally and recently launched a new line of internet-linked "smart" televisions.