Chinese companies in the UK maintain impressive growth

By Angus McNeice in London | chinadaily.com.cn | Updated: 2020-02-27 17:04
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Strong growth in tech, media, and telecoms

Grant Thornton found that the 30 fastest growing Chinese companies in the UK “continue to grow at an impressive rate”, reporting an average increase in annual revenues of 62 percent.

Between them, these 30 companies employ more than 5,500 people, with manufacturing and industrial companies once again accounting for the lion's share of revenues at 86 percent of the combined total.

Last year technology, media and telecoms companies recorded the fastest average growth rate by sector at 81 percent, according to Grant Thornton.

This year, for the first time, Grant Thornton looked at how growth rate varies according to how the original investment was made.

Out of the 30 fastest-growing companies, the highest average growth rate (72 percent), was found among companies that involved a direct UK investment.

Those that were an indirect investment via a foreign parent acquisition reported an average growth of 64 percent, while average growth through organic expansion was 55 percent, according to the accountancy company.

Well-known manufacturing companies including Geely UK and ChemChina UK made the list of fastest growing businesses last year, as did telecoms companies Huawei UK and China Mobile International UK.

Out of the 30 companies listed, relative newcomer Hikvision UK was the fastest growing Chinese company in the UK last year.

Hangzhou-based Hikvision is a manufacturer and supplier of video surveillance equipment. The company entered the UK in 2016 when it acquired Pyronix, a manufacturer of intrusion alarm systems based in Rotherham.

Over the past year, Hikvision started trading directly with UK and Irish customers, helping the company achieve an impressive growth rate of 188 percent.

China Mobile International UK was the second-fastest growing Chinese company in the UK last year, achieving a growth rate of 185 percent mainly through increases in revenues from business support services and data services.

Geely was the third-fastest growing Chinese company in the UK last year. Geely acquired the London Taxi Company in 2013, which it rebranded as the London Electric Vehicle Company, or LEVC. In 2018 the company launched the TX model, which has a hybrid engine and is the only London black cab that adheres to the capital's new emissions standards.

Bromley-based video game developer Warchest has entered the Tou Ying Tracker for the first time. Warchest was acquired by Hong Kong-headquartered gaming company Leyou Technologies in 2017, and reported a growth rate of 127 percent last year, the fourth-highest out of the listed companies.

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