The Industrial and Commercial Bank of China (ICBC) is the world's largest bank by market value and winner of this year's China Company Award. Aside from its profitability, 'ICBC has not only effectively controlled risk in a complex and difficult business environment ... but managed to post significant revenues and profit gains on the previous financial year,' said Richard Wong Yue-chim, chairman of this year's judging panel, and the deputy vice-chancellor and provost professor of economics at University of Hong Kong. The China Company Award is open to companies entering Hong Kong from the mainland and listed in Hong Kong. 'It should have achieved significant revenue and profitability as a direct result of successfully developing and penetrating the Hong Kong and mainland markets, and have enhanced the global position of Hong Kong and the mainland,' Wong said. Candidate companies must also demonstrate excellence in terms of growth, market development, business performance and commercial success, he said. They must also prove they have a 'strategy' for identifying existing products and/or services, and have plans for developing new products or services. 'The company should demonstrate good corporate governance and success in effective development of organisation structure, systems ... achievement in customer and stakeholder satisfaction, and contributions to society,' Wong said.