2024 "China Best Managed Companies" List Revealed

Deloitte China, Bank of Singapore (BOS), the School of Business and Management of The Hong Kong University of Science and Technology (HKUST), and Harvard Business Review China (Chinese edition) announced the winners of the 6th China Best Managed Companies (BMC) program at a ceremony in Guangzhou today.

With the theme "New Competence. Bold Commitment.", the event attracted more than 100 guests, including the core management teams of the award winners, renowned entrepreneurs, representatives of domestic and international partners, and business leaders. Deloitte also released the program's 6th China's Best Managed Companies White Paper, with insights into the outstanding management practices of leading Chinese private enterprises, based on surveys with BMC candidates and in-depth dialogues with company founders, CEOs, and senior executives.

The BMC program is a global initiative by Deloitte that has a 30-year history, with its network spanning nearly 50 countries and regions worldwide. It is the only international award in China that comprehensively evaluates the management systems of private enterprises, and since the program was introduced in 2018 has successfully held six iterations.

After six months of closed-door nominations, entrepreneur interviews, and expert research, an independent judging panel composed of four organizing parties ultimately selected 66 enterprises to be included in this year's China BMC list. This includes 15 New Winners, 6 New Gold Winners (companies that have won for five consecutive years), 14 Gold Winners (companies having won for six consecutive years), and 31 consecutive award winners. These businesses have a combined revenue of approximately RMB2.9 trillion in 2023, with an average duration of 28 years, an average revenue of RMB43.7 billion, and an average net profit margin of 8.2%.

Edward Au, Deloitte China Southern Region managing partner, says, "The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is one of the most vibrant regions for foreign trade in China, showcasing its global competitiveness. Over the past five years, with the rapidly evolving global landscape, the pace of globalization for Chinese enterprises has notably accelerated, especially for private companies. Owing to their superior technological advantages, strong brand effects, and high cost-barriers, over half of the BMC winners have expanded internationally. About 25% of these companies have achieved high-quality international operations, demonstrating the strength and influence of outstanding private enterprises in the global competition."

"We look forward to applying Deloitte's mature global framework of Best Managed criteria, along with our continued evaluation and promotion mechanism, to identify more outstanding companies in the Chinese mainland, Hong Kong and Macao. This will enable more outstanding Chinese enterprises to expand their advantages, enhance their international influence, and inject new impetus into GBA development."

Tom Kwok, Deloitte China Southern Region Mainland managing partner, adds, "To accelerate the development of new quality productive forces and steadfastly promote high-quality growth, different industries and sectors are moving to integrate technology achievements into traditional industries to build a future-ready, modernized industrial system. Our winners this year comprise companies from traditional sectors such as consumer retail and wholesale and industrial manufacturing, to emerging industries like technology, media, and telecommunications, life sciences and healthcare, and energy and resources. This underscores China's strategic direction of high-quality development, highlighting the diverse competitiveness of its industries."

"Southern enterprises account for over 40% of this year's winners, with most of them coming from the GBA. The region has one of the highest degrees of reform and opening-up in China, with strong economic vitality, serving as fertile ground for nurturing highly competitive enterprises."

Frank Xu, Deloitte Private China Managing Partner, says, "Technological innovation is a key factor in developing new quality productive forces. By adopting an 'integrated innovation' approach, the BMC winners do not just stop at pursuing single product or technological innovation. Instead, they focus on customer needs, leveraging digital technology to empower the entire product lifecycle, while investing in innovative micro and small enterprises along the industry chain through internal funds to build new technological competitive advantages."

"Deloitte is proud to be a trusted partner of many outstanding private enterprises. We are committed to continuing to enable Chinese companies' further advances in the global innovative technology arena, while contributing to China's initiative as a world-class science and technology powerhouse."

In this year's Government Work Report, state-owned, private, and foreign enterprises are for the first time mentioned together as important forces in driving the country's modernization, indicating the need for a favorable environment for fair competition and market development among enterprises of various ownership systems. This policy direction, together with the "going-out" strategy and supportive measures to promote the development of private enterprises, provide strong support for Chinese private companies to play a greater role in global markets. The 6th China's Best Managed Companies White Paper shows how BMC winners are no longer only satisfied with developing overseas business in specific areas, and the trend of pursuing global operations is expected to continue.

Rickie Chan, chief executive of Bank of Singapore's Hong Kong branch, says, "We are proud to be a co-organizer and judge for the BMC programme for the sixth consecutive year. Many of our clients at Bank of Singapore are entrepreneurs running family businesses, so we understand how important it is to keep the flames of entrepreneurism burning. Together with the BMC program, we will continue to support entrepreneurs in the region."

Professor HUI Kai-Lung, Acting Dean of HKUST Business School, says, "The BMC program is the only international award in China that comprehensively evaluates the management systems of private enterprises. Drawing on the program's global framework of Best Managed criteria, the judging panel meticulously assessed the participating companies during the 'CXO Lab' sessions, considering critical factors that include strategy, execution capabilities, commitment, and financial strength. As the program's co-organizer and strategic academic partner, HKUST Business School remains committed to supporting this meaningful initiative for the business community, leveraging our extensive insights and professional expertise in business management to identify exceptional enterprises and foster innovation in private companies."

Liu Xiao, Co-Publisher of Harvard Business Review China (Chinese edition), adds, "We are deeply grateful to the BMC candidates for sharing their best management practices and forward-looking insights during the in-depth 'CXO Lab' discussions. We hope that more Chinese private enterprises, represented by BMC companies, can continue to embrace broad visions while ensuring attention to detail to maintain long-term vitality, upgrade core competitiveness, and move from being Chinese outstanding enterprises to become world class companies, further enhancing the global influence of Chinese enterprises. We are committed to telling stories about China well and spreading China's voice well. We look forward to witnessing Chinese private enterprises shine even more brilliantly on the global stage."

(Please refer to the full list of 2024 BMC winners below)

2024 BMC New Winners

2024 BMC New Gold Winners

2024 BMC Gold Winners

2024 BMC winners for consecutive years