How Chinese firms are using US-China tensions to fuel global growth
As Chinese businesses have just started to tap global markets, it leaves them with enough room for future expansion, HSBC says
For eSignGlobal, a digital signature services provider from Hangzhou, the US-China trade tensions present an opportunity to expand globally, as it uses the conflict to its advantage.
“Chinese state-owned enterprises and private enterprises are growing cautious about using US services, opening up opportunities for our company,” said Eric Jin, founder and CEO.
He said the company’s growth would be fuelled by two main factors. First, rising data security concerns amid geopolitical tensions had forced Chinese firms to stop relying on US e-signature solutions and turn to domestic alternatives. Second, a growing number of Chinese firms expanding overseas had widened eSignGlobal’s client base.
Chinese companies were in the early stages of their global expansion journey, with considerable growth potential ahead, according to an HSBC report published on May 19.
Revenue at eSignGlobal, which has more than 3,000 partners including Alibaba Cloud and serves 6.1 million businesses and 120 million individual users, had more than tripled year to date from a year earlier, according to Jin. Alibaba Cloud is the cloud computing arm of Alibaba Group Holding, which also owns the Post.