The report identified 100 emerging businesses that are not yet well known outside China but will be competing globally over the next three to five years.
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The Association of Chartered Certified Accountants' (ACCA) report looked at emerging Chinese companies developing into major global players.
“Most have strong and in some cases dominant market share in their niche areas. They are expanding rapidly into markets outside China and look likely to continue on this path,” read the report.
Karen Smal the acting head of ACCA South Africa said the common things in the identified companies factored five year projections, domestic and international listing and dominance in global positional.
“We also looked at what their track records were in the past five years. In 2006 China had only 28 companies listed in the top 500 and six years later they had 78 listed,” added Smal.
Smal said a growing number of Chinese businesses were moving from domestic dominance to global growth.
ACCA’s head said it was time for China to embrace its notoriety and turn those businesses on the edge of international expansion into global giants.
The study also showed Chinese companies going global by entering new markets with precedence of notable examples.
“Well-known examples of major Chinese businesses include Lenovo, which acquired IBM’s PC business, and Haier, a manufacturer of household goods such as fridges and freezers that now has 10 per cent of the world’s major appliances market,” said the ACCA report.
According to the report many of these businesses were already very large before they went global, securing major market shares in the domestic Chinese market.