Guangzhou is producing some highly valuable, fast-growing companies in new areas of technology, according to a new report released by consulting firm Deloitte, which identified 20 worth watching.
Software and Internet-related firms account for more than one third of the city’s top 20 fastest-growing companies, as picked by the consultancy. Two “clean tech” companies made the list, while the rest were financial, new media, intelligent manufacturing, cloud computing, big data and e-commerce.
The report was supported by the Guangzhou Science and Technology Bureau, and its release took place at an event co-hosted by the GBA Science and Technology Innovation Service Center.
The companies listed recorded revenue growth over the past three years of 1,384.75%, on average. Several are already on their way to becoming household names in China’s tech scene. Six of the top 20 are listed in Deloitte’s Top 50 China list.
First-ranked Leyaoyao, described as a “self-service intelligent service provider” whose key pitch is to combine mobile payment with offline toy machines in a bid to help service providers improve efficiency. With its toy cranes distributed to 600 cities in China, accounting for over 70 percent in market share, the startup has managed to break even with a monthly revenue of 5 million yuan, according to its co-founder Xu Deqiang. It has seen revenue growth of 5,790% in the past three years.
Second-ranked Guangzhou Huizheng Zhilian, a subsidiary of Huizhou-based e-commerce giant HC Group, focuses on providing online trading services for new materials through its platform ibuychem. It records an average growth rate of 5,565% during the past three years.
Third-ranked Guangzhou Zhijing is focused on integrating the supply chain in textile industry through its B2B platform Baibu. Having served more than 100,000 apparel companies across China, it has seen a growth rate of 2,893%.
Fourth-ranked Batmobi, founded in 2015, is engaged primarily in providing digital marketing services for cross-border e-commerce companies. Its annual growth rate was 2,699%.
Fifth-ranked Helipay, a third-party payment company founded in 2013, has earned 480 million yuan in revenue for the first half of 2019 and has an average growth rate of 1,509% over the past three years.