From Tencent to Xiaomi: 7 Chinese tech giants that are poised to be global power players
China’s ambition to dominate the technology sector from 5G and artificial intelligence to robotics and quantum computing is bearing fruit
Fortune magazine has unveiled its 2019 China 500 list, examining the performances of the nation’s top publicly held companies in the 2018 financial year. These 500 corporations accumulated total revenue of 45.5 trillion yuan (US$6.6 trillion) – 14.8 per cent growth compared to the previous year – accounting for over half of the country’s 90 trillion yuan GDP.
These 500 corporations accumulated total revenue of 45.5 trillion yuan (US$6.6 trillion) – 14.8 per cent growth compared to the previous year – accounting for over half of the country’s 90 trillion yuan GDP
Topping the list are three state-owned enterprises, PetroChina Company, China Petroleum & Chemical Corporation (Sinopec) and The China State Construction Engineering Corporation.
China has declared its ambition to dominate the technology sector from 5G and artificial intelligence to robotics and quantum computing. Joining the infrastructure firms on this year’s list are technology firms such as Alibaba, JD.com, Tencent, Xiaomi, and BOE. Huawei was not included as it is a private entity.
Here, we pinpoint seven companies, and their luxury CEOs, that are poised to be power players in China and the global economy.
JD.com
E-retailer JD.com moved up one spot to 17th from last year.
Despite the sexual misconduct allegations surrounding its founder Liu Qiangdong, the company had revenue of US$69.85 billion last year. JD.com has made it onto the Fortune Global 500 list for the past four years, however, its profits slumped to -US$376.7 million.