China ranking high in clean tech development, according to Deloitte report which ranks the 500 fastest-growing companies in region
With Beijing’s pollution recently spiralling into an ‘airpocalypse’ situation, you wouldn’t necessarily associate China with clean tech.
But, according to a new Deloitte report released today, China boasts the highest number of fastest-growing clean technology companies in the Asia Pacific region.
Deloitte provides an annual ranking of the 500 fastest-growing technology, media and telecommunications firms across the APAC region based on percentage revenue growth rates.
This year, clean technology was the third-leading industry, with more than 48 companies on the list. Out of those, 27 were Chinese. In the report, China also claims six companies in the Top 10 and 139 in the Top 500.
“I think it reflects on two factors: More and more young Chinese companies are engaged in the technology sector. Compared to before, if you wanted to get rich quickly you’d invest in the mining industry. This year, we’ve identified a big increase in clean technologies,” Yvonne Dow of Deloitte told e27.
The Number One spot was given to South Korean software company Devsisters Corp., developer of mobile games and services.
This year, the number of Indian companies on the list decreased significantly, from 90 in 2014 to 55 companies this year. Japan (34) and Taiwan (86) also saw a decrease in the number of companies represented.
Eligibility for the Technology 500 requires that companies own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenue, with annual revenues of at least US$50,000.
Companies must also have been in business for a minimum of three years and be headquartered in the Asia Pacific.
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