Green and Internet firms lead hi-tech list
By Zhu Shenshen |
October 23, 2010, Saturday
|
Print Edition
Print Edition
Green-energy and mobile Internet firms have become the fastest growing sectors in the high-tech industry in China and are using their clout to raise money for expansion.
According to a report released yesterday by Deloitte Touche Tohmatsu, five firms from the two sectors led the list of the top 50 high technology firms in China.
The top five were China United Cleaning Technical Co, which makes solar cells, and wind power group China Guodian Corp as well as Internet and telecommunications firms AdChina.com, Beijing LOIT Technology Co and 360buy.com.
The average revenue of the five firms grew 37 times in the past three years, Deloitte said in its Technology Fast 50 China 2010 report.
William Chou, Deloitte China's leading partner for technology, media and telecommunications, attributed the rapid growth in mobile Internet to the start of 3G networks and rich mobile applications on iPhones or Android-run phones. Green-energy companies are expanding because of favorable government policies.
Such growth in these firms in the two sectors lifted their fundraising ability as they seek money to grow.
E-commerce firm 360buy.com, which sells TVs and cosmetics online, is expected to announce another round of "considerable" financing from venture capitalists next month, said Xu Lei, the firm's vice president.
The firm, which revealed a US$75 million VC investment early this year, will build a logistics center in Shanghai "as big as eight times Bird's Nest," Xu said, referring to the national stadium of the 2008 Beijing Olympics.
According to a report released yesterday by Deloitte Touche Tohmatsu, five firms from the two sectors led the list of the top 50 high technology firms in China.
The top five were China United Cleaning Technical Co, which makes solar cells, and wind power group China Guodian Corp as well as Internet and telecommunications firms AdChina.com, Beijing LOIT Technology Co and 360buy.com.
The average revenue of the five firms grew 37 times in the past three years, Deloitte said in its Technology Fast 50 China 2010 report.
William Chou, Deloitte China's leading partner for technology, media and telecommunications, attributed the rapid growth in mobile Internet to the start of 3G networks and rich mobile applications on iPhones or Android-run phones. Green-energy companies are expanding because of favorable government policies.
Such growth in these firms in the two sectors lifted their fundraising ability as they seek money to grow.
E-commerce firm 360buy.com, which sells TVs and cosmetics online, is expected to announce another round of "considerable" financing from venture capitalists next month, said Xu Lei, the firm's vice president.
The firm, which revealed a US$75 million VC investment early this year, will build a logistics center in Shanghai "as big as eight times Bird's Nest," Xu said, referring to the national stadium of the 2008 Beijing Olympics.
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