ByteDance heads first SCMP Plus Going Global 100 ranking
TikTok owner ByteDance is China’s Going Global champion, according to a new SCMP Plus databank tracking mainland companies’ overseas expansion efforts. The social media giant topped the debut SCMP Plus Going Global 100 ranking ahead of Apple assembler Foxconn Industrial Internet, online fashion retailer Shein and electric vehicle (EV) maker BYD. More than 2,000 companies were assessed as part of…
ByteDance, the owner of TikTok, has secured the top spot in China's inaugural Going Global 100 ranking for overseas expansion, surpassing competitors such as Foxconn Industrial Internet, Shein, and BYD. The SCMP Plus databank evaluated over 2,000 companies, assigning weighted scores based on overseas revenue, foreign market reliance, and growth pace.
Two-thirds of the members are technology or consumer companies, reflecting China's private businesses driving overseas growth via cutting-edge technology and global brand creation. Private manufacturers have surpassed state-owned enterprises in expansion, moving away from being mere assemblers for multinational brands. ByteDance's sales surged by nearly 50% last year, with 30% of revenue coming from overseas markets.
The company's growth was mainly driven by the 70% jump in TikTok Shop's gross merchandise value. ByteDance is also investing in data centres in Thailand and Brazil to fuel international expansion. This marks a significant shift from the early Belt and Road Initiative, where state-owned enterprises were primarily responsible for overseas projects.
Now, private Chinese companies aim to build globally recognized brands, escaping domestic price wars and market saturation. China's outbound direct investment reached a record US$214 billion last year, making it the world's second-largest source of global capital. Technology-related industries were among the fastest-growing destinations for China's overseas investment, with spending on information transmission, software, and IT services up by 88.3% to US$13.1 billion.
Chinese tech companies are leading the shift towards developing and selling new products worldwide, with AI platform DeepSeek, drone maker DJI, and video-game developer miHoYo among the prominent brands offshore. Chinese carmakers are also dominating the global EV market, driven by competitive pricing and technological advancements, including batteries from BYD, Geely, and SAIC Motor.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
