UK-based consulting firm Deloitte says China surpassed Taiwan with the most ranked companies on its annual list of the top 500 fastest-growing companies in APAC, 128, followed by Taiwan with 108, and India with 78.
“China, India and Australia are generating an increasing number of fast-growing, successful technology companies and are challenging Taiwan as a technology hub in the region,” said Ichiro Nakayama of the Fast500 Asia Pacific program.
Japan and India took three places each in the top 10, while Taiwan and Australia both took two. China, even though it has the most companies on the list, has none in the top 10.
Taiwanese mobile software developer China Communications Media Group is ranked the fastest-growing company in Asia Pacific, reporting more than 26,000 percent growth in revenue over the past three years. Yes, you read that right: CCMG’s revenue grew 266-fold in three years. This is the seventh time in 12 years a Taiwanese company took first place.
It helps major China tech companies like Tencent, Baidu, Sina, Qihoo 360, Sohu, and all three major telcos with development of their mobile apps.
Eight of the top 10 companies are in either the software or internet sectors. This year, software overtook the semiconductor, components and electronics sector with 119 companies on the list. Internet is in third place.
The top 500 companies averaged revenue growth of 356 percent, down from last year’s 467 percent.
Privately-owned firms account for 330 companies on the list, with publicly-owned firms making up the rest.
In order to make it onto the list, a company must have an operating revenue of at least $50,000. The information is provided by the companies, and Deloitte does not independently verify it.
Check out the full Fast500 list on Deloitte’s website.
(Editing by Josh Horwitz and Terence Lee)