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Chinese firms dominate Forbes Asia’s Fabulous 50 List

GMA News Online logo GMA News Online 9/6/2018 Sollorano, Vic
A Toyota FV2 is displayed at the 16th Shanghai International Automobile Industry Exhibition in Shanghai on Wednesday, April 22. Chinese technology giants Alibaba and Tencent are promising to build the cars of the future, vehicles linked seamlessly to the Internet and offering shopping and navigation help while on the road. © AFP/Wang Zhao A Toyota FV2 is displayed at the 16th Shanghai International Automobile Industry Exhibition in Shanghai on Wednesday, April 22. Chinese technology giants Alibaba and Tencent are promising to build the cars of the future, vehicles linked seamlessly to the Internet and offering shopping and navigation help while on the road.

China-based companies dominated Forbes Asia’s Fabulous 50 List this year, accounting for 60 percent of the “best” publicly traded companies in the Asia Pacific region.

Chinese companies made up 30 of the 50 firms in this year’s Fabulous 50 List which were selected from a pool of 1,744 public companies in the region with at least $2 billion in annual revenue, Forbes said on Thursday.

Companies must have been listed for at least a year. The list also excludes companies that have a high debt ratio, are more than 50-percent state-owned, or more than 50-percent owned by listed parents.

In terms of value, this year’s list was topped by Chinese internet giant Tencent, which operates the WeChat application. The company’s net profit soared by 71 percent to $10.6 billion in 2017.

This was followed by Alibaba which continued to invest in startups involved in retail and e-commerce. It reported a 49-percent growth to $9.7 billion last year.

“The Chinese Internet giants boast vastly greater market capitalizations and enjoy far higher profits than any of the other companies on the list,” according to Forbes.

While Philippine companies did not make it on the list, it included two companies from Hong Kong, seven from India, five from Japan, two from Malaysia, two from South Korea, and two from Vietnam.

The full list can be found here. —Jon Viktor Cabuenas/VDS, GMA News

 

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