Chinese tech companies are growing and developing rapidly. China has said that it wants to become a global tech competitor, and their Made in China 2025 strategy is designed to make sure that they are not relying on foreign technology for many important sectors.
China has around four million people who graduate from university with a major in technology, math, and engineering each year, and they are trying to stay in front in the development of AI. Of those graduates, an estimated 100,000 are software engineers. Their companies are big and growing, and they are becoming the leading competitor for the United States. In fact, China has more than 12 companies that are valued greater than $1 billion. Take a look at the top Chinese companies in tech.
China Mobile is a state-owned company under the control of the People’s Republic of China. It has been the dominant force in mobile services in China since it was founded. It has a large software team and around 240,000 employees. In 2007, it bought Paktel in Pakistan, and it provides services in China, Hong Kong, and Pakistan.
This Chinese tech company is based in Beijing, and it has over 946 million subscribers as of March 2020. It is the largest mobile phone company in the world. The company trades on the NYSE and the Hong Kong Stock Exchange, with a market cap of around $195 billion.
In May 2020, they built the world’s highest 5G signal to the summit of Mt. Qomolangma (Mt. Everest in the west) at 6500 meters. They also run a dual gigabit network for “Roof of the World,” which shows the technological skill of China Mobile. They are quickly commercializing fast technology that can help environmental monitoring, scientific research, HD broadcasting, and more from the highest point in the world.
Tencent Holdings Ltd. is the owner of the Chinese messaging app, WeChat. It has over one billion monthly users, and it has a social network site, QZone, with more than 629 million users and an instant messaging service with more than 820 million users.
Tencent is worth around $534 billion, and it invests in US software. They would like to get WeChat into America as well. Their guiding principle is user value, and they want to promote technology innovation and cultural vitality, as well as work with others for the sustainable development of society.
Alibaba is the largest e-commerce retailer in the world, with twice the product volume of eBay and Amazon together. It also has a subsidiary called Alibaba Software that is one of the most important Chinese software companies. They also have a payment and banking service called Alipay, as well as investments in US companies Snapchat and Lyft.
Alibaba is one of the leaders in frontier technologies, and it has acquired Israeli startup InfinityAR, which specializes in AR software. It also leads the digitization of business in China. It is a giant company that is forging ahead.
Robin Li (Li Yanhong) spent the 1990s working for The Wall Street Journal as a software developer before founding Baidu in 2000. It is the number one online search engine in China. It also has a lot of free software products that are used by PC users in Asian markets.
In addition, it offers a mapping service called Baidu Maps, Baidu Wangpan, a cloud storage service, and Baidu Tieba, which is a forum. In 2007, Baidu became the first Chinese company to be included in the NASDAQ-100 index.
Baidu has its headquarters in Beijing, and it is one of the largest AI and Internet companies in the world.
Xiaomi sells smartphones and handsets, and it went public on the Hong Kong exchange in 2018, and today its market cap is $56.4 billion. It has been working to internationalize Chinese smartphones and other AIoT devices. It is successful with smartphones and smart TVs in India.
In addition to India, it has entered Russia, Chile, and Japan. They make a lot of IoT devices, and their smartwatch is the first to operate in 5G. They have connected over 215 million devices, and they are in the top five for global smart speaker shipments.
ByteDance has personalized the new generation of short videos with the app TikTok and its Chinese version Douyin. Although TikTok has spread throughout Europe, the United States, and India, they have branched out into music streaming, gaming, and more. In addition, it has acquired AI startup Jukedeck and surpassed Baidu and Tencent in advertising revenue.
ByteDance has products in over 150 markets and offices in 126 cities. They also have over 60,000 employees. They are entering all aspects of the tech scene from video apps to news apps, sports, and more.
Huawei is a global leader in 5G technology. It is one of the top Chinese companies, and it has become a leading telecom technology provider throughout the world. More than half of their 5G contracts come from European nations, and it plans to build an undersea fiber optics cable from China to Chile. In addition, it has a white paper on the future of autonomous driving.
It is a giant among Chinese tech companies, and it has an AR mapping initiative to provide vivid directional support, and it has a VR headset. It has also been part of a smart glasses project, and it has its own HarmonyOS operating system that may be used in Android phones, smart TVs, smartwatches, and smart cars.
OPPO makes smartphones, but with the advent of 5G, it started making a new generation of devices. It released ColorOS to create a community of artists and creative people that is centered around design and innovation. In 2019, they invested heavily in IoT offerings, including a smartwatch.
Even so, their smartphones are sold across Europe and Thailand, and they have a promotional partnership with FC Barcelona, one of the world’s leading football clubs. They have new flash charging technology and an airdrop analog for their smartphones, as well as enhanced photo features.
- Meituan Dianping
Meituan Dianping has its IPO in 2018, and it is considered China’s super-app. It acquired Mobike and rebranded it as Meituan Bike, and it has increased user touchpoints and cross-selling capabilities. It is the third largest Internet company in China after Alibaba and Tencent, ahead of Baidu.
In 2019, it was named World’s Most Innovative Company by Fast Company. It is constantly expanding its initiatives, including exploring autonomous delivery solutions. It also has a food delivery service, lists of top brands and stores, and it has increased its accessibility. They have also increased their investments in cloud-based enterprise services similarly to tech giants Alibaba and Tencent.
VIPKid is an online education platform, connecting English teachers with Chinese students all over the world. It is worth about $4.5 billion with over 90,000 English teachers from North America and 700,000 paid students. It was named as one of BrandZs Most Valuable Chinese brands in a report released by WPP and Kantar. In addition, Glassdoor lists it as one of its Best Places to Work in 2020. It is expected to reach over 50% penetration by 2022.
VIPKid was started in 2013, and it raised $825 million in seven rounds. It’s founder, Cindy Mi, struggled in school, dropped out, became a tutor, and started teaching English. She started a physical English school when she was 17, and then founded VIPKid. She went on to earn her MBA and has seen incredible success.
China is growing rapidly, with advances by top Chinese companies, such as Huawei, WeChat, Baidu, and Tencent. Chinese tech companies are starting to dominate areas such as telecommunications, artificial intelligence, and ecommerce. It is innovating quickly, working hard, and going global.
Another area they are expanding is social commerce. This involves shopping and sharing prizes and games. It has come on strong with companies such as Pinduoduo, which has become a tech giant in just three years. They have built an entirely new model around social commerce.
In addition, electric vehicles are being developed and some entire cities have electric vehicles including busses. One of the reasons for China’s significant growth is the spending by venture capitalists in China, which is almost equal to that in the United States. China has also invested in many US tech companies, including Uber, Lyft, Tesla, and more.
Chinese tech companies are taking off and developing at an accelerated rate. Many of their companies start out as private venture capital-backed companies that go public. They even have tech in a company called Luckin, which is a coffee shop. It is an app that orders coffee, which is delivered to the office by scooter.
China’s economy is experiencing rapid growth because of the success of its fast-growing tech sector. They are involved in all aspects of tech, and they keep pushing forward with global influence. They have an entrepreneurial culture and they work nonstop on advancing tech.