The total foreign trade value of 320 “little giant” enterprises in Shenzhen reached 44.64 billion yuan (US$6.24 billion) between January and October, up by 11% year on year, showing the enterprises’ resilience amid pandemic headwinds, Shenzhen Customs said yesterday.
The phrase “little giants” refer to small and medium-sized enterprises that focus on a niche market and master key technologies with a strong innovation capacity and big market share.
An R&D employee with Shenzhen JPT Opto-Electronics Co. Ltd. at work. Zhong Huadeng
The city now has 443 State-level “little giant” enterprises, ranking the second in the country and first in Guangdong Province, according to the list of the fourth-batch State-level “little giant” firms recently released by the Ministry of Industry and Information.
The data covered 320 enterprises with foreign trade records at Shenzhen Customs.
Shenzhen Hosin Global Electronics Co. Ltd., a high-tech company engaged in integrated circuit design for storage application industries, achieved a growth of 59% year on year in imports for the past 10 months this year, which reached US$99.2 million. Its exports grew 109% year on year to US$27.59 million.
The company, with products sold across Asia, Africa, Americas and the Middle East, was recently accredited as a State-level “little giant” enterprise by the Ministry of Industry and Information.
Among the country’s list of the fourth batch of State-level “little giant” firms, 275 are from Shenzhen, Shenzhen Economic Daily reported Thursday.
According to the city government’s incentive policy, the city will reward 500,000, 200,000 and 100,000 yuan, respectively, to companies that have been accredited as national, provincial and municipal-level “little giant” enterprises.
“Little giant” enterprises have great potential for development because they are highly specialized and adaptive to market changes and can focus more on R&D, according to Chen Xiaolin, deputy chief of Shenzhen Small and Medium-sized Enterprises Service Administration.
Shenzhen’s number of State-level “little giants” is expected to reach 600 by 2025, according to the city’s industry and information technology bureau. China has recognized over 9,000 “little giant” enterprises.