China dominates Forbes’ list

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China dominates Forbes’ list

Friday, September 25, 2009

SINGAPORE: Chinese firms have maintained their dominance of the Asia Pacific business scene, accounting for a third of a Forbes list of 50 large and profitable firms in the region released on Thursday.

Sixteen companies from China were in the list this year, up from 13 in 2008 and only five when the US business magazine first came out with its “Fabulous 50” compilation in 2005, a Forbes statement said.

“The mainland’s fast growth continues to toss up hot new companies for the list,” it said.

Out of the 24 newcomers this year, nine are from China, among them Agile Property Holdings, Anhui Conch Cement, Digital China Holdings and Tencent Holdings.

“The mainland firms, together with five from Taiwan and three from Hong Kong account for almost half the entries, giving Greater China the biggest regional representation,” Forbes said.

The list covers only companies with revenues or market capitalisation of at least three billion dollars and a five-year record of operating profitability and a return on equity.

India followed closely behind China with 13 entries on the list, up from nine last year.

Four Indian firms made it to the list for the first time, including Adani Enterprises, Axis Bank, Jindal Steel & Power and Tata Consultancy Services.

Taiwan’s five firms put the island in third, with Japan and Australia tied at fourth with four firms each, Forbes said.

Japan, the world’s second biggest economy, had the most companies on the list in 2005 at 13, but it has since fallen in the rankings in “a sign of how its economy has stagnated,” according to Forbes.