
TikTok owner ByteDance is identified as China's top Going Global champion in a new SCMP Plus databank tracking mainland companies' overseas expansion, with private technology and consumer firms outpacing state-owned enterprises in global growth through brand development and tech innovation.
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The SCMP Plus databank tracks mainland Chinese companies' overseas expansion efforts to identify leaders in China's Going Global initiative, highlighting shifts in economic drivers from state-owned to private enterprises.
TikTok owner ByteDance is China’s Going Global champion, according to a new SCMP Plus databank tracking mainland companies’ overseas expansion efforts.
About two-thirds of the Going Global 100 members are technology or consumer companies, such as carmakers, reflecting how private businesses are driving China’s overseas growth through the development of cutting-edge technology and the creation of their own global brands. Private manufacturers are also now outpacing state-owned enterprises (SOEs) in overseas expansion, as they move beyond being assemblers for multinational brands and look to escape cutthroat price wars at home.
“Private firms have started to dominate, given the growing prominence of consumer electronics, e-commerce platforms, digital tech, EVs and green tech and even light manufacturing,” said Jayant Menon, senior fellow at the ISEAS – Yusof Ishak Institute in Singapore.

Universal Crystal's Novara, Italy factory began partial resumption of work on September 14, and epitaxy process shipments have begun. Taiwan stocks fell more than 600 points during the session, and Global Crystal's stock price once hit the limit, falling 8.23% at 11:18 am. The company stated that the impact of the fire has been effectively controlled, but it will still affect revenue and production capacity allocation in the short term. The three major legal entities sold a total of over 1,014 tickets yesterday.

According to a Gallup survey, 71% of Americans oppose the construction of AI data centers in their local areas, which is higher than the 53% who oppose nuclear power plants. People are mainly worried about data centers consuming electricity and water, increasing energy costs, and affecting the quality of life and environment. Some states have adopted suspension or restriction measures.

Wall Street stocks closed lower on Wednesday, with the Dow Jones Index falling 0.66%, the Nasdaq falling 0.22%, the S&P 500 falling 0.22%, and the Philadelphia Semiconductor Index falling 1.15%. Asian stock markets were dragged down. Taiwan stocks opened lower and fell by 23.31 points. Japanese stocks once plunged more than 800 points and fell below 70,000 points during the session. Korean stocks turned from red to black.

China and the European Union began a new round of trade talks in Beijing on Thursday, with both sides expressing skepticism about a major breakthrough. Chinese firms in Europe hoped for limited progress to stabilize relations, while European analysts remained cautious. A Chinese source said EU Trade Commissioner Maros Sefcovic would not return empty-handed.

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IMF President George Ava pointed out at the Singapore event that although AI technology can boost global economic growth, it also brings risks to debt, inflation and financial stability. He called on policymakers to stop delaying and make painful choices, warning that the benefits of AI may be concentrated and lead to the expansion of global inequality.