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5th “China Best Managed Companies” List Revealed

Evolution and Renewal of Excellence

SUZHOU, CHINA – Media OutReach – 24 July 2023 – The 5th China Best Managed Companies (“BMC”) List, with the theme “Driving the Innovation Journey to Excellence”, was announced today at the China BMC Awards Ceremony in Suzhou, Jiangsu. More than 100 guests, including representatives of the core management teams of the award winners, renowned entrepreneurs, representatives of domestic and international partners, and business elites, were present to mark the occasion.

BMC, a Deloitte global program with 30 years of history, landed in China in 2018. The event is now in its fifth year, and this year saw the first awards for China BMC Gold Award winners (winners for five consecutive years). China BMC is sponsored by Deloitte China in conjunction with the Bank of Singapore, KUST Business School, Harvard Business Review (Chinese edition), and local business associations. It is backed by a rigorous screening process that identifies and witnesses private companies with advanced management concepts and superior management levels that can inspire more Chinese companies to focus on long-term, balanced, and sustainable development.

As the only international award in China that comprehensively evaluates the management systems of private enterprises, the BMC program brings together exemplary private enterprises in China, demonstrates the power of excellence, motivates more private enterprises to create internal change, and externally shapes “social enterprises” and sustainable development benchmarks in China.

After six months of interviews with entrepreneurs and research by experts, 58 companies were selected for the 5th BMC program, including 11 newcomers, 16 Gold Award winners, and 31 consecutive winners. The selected companies had combined revenue of RMB1.8 trillion, accounting for about 1.5% of China’s GDP, and have maintained profitable growth from 2018 to 2022, with average compound revenue growth of 17%, demonstrating their “power of excellence”.

Of the 58 winners, 58% are in the industrial manufacturing and consumer (including retail) sectors, suggesting that even the most traditional industries can work wonders in an economic downturn if they are driven by the engines of management excellence, breakthroughs in high-speed innovation, and enduring corporate cultures. In addition to the 69% of enterprises from Guangdong, Beijing, Shandong, Jiangsu, and Shanghai, outstanding private enterprises from other provinces and cities now represent nearly a third of the list, indicating that the overall strength of more local private enterprises is increasing and there are many potential champions to be discovered.

Frank Xu, Deloitte Private China Managing Partner, says, “The BMC program utilizes Deloitte’s “Criteria for Management Excellence” global framework to comprehensively evaluate candidates’ strategy, capability, commitment, and financial strength, as well as providing continuous insights into the outstanding management practices of China’s leading private sector companies.

“During the ups and downs of the economic cycle, many BMC companies have gone through transformation and upgrading, completing their evolution of excellence. It is not easy for BMC Gold Award winners to not only possess superior financial indicators, but to also thrive across economic and business cycles to achieve resilient growth.”

Zhao Jian, Best Managed Companies Program Managing Partner, adds, “Through interviews and research with BMC experts, we found that the average R&D investment of this year’s award-winning listed companies is much higher than the average among A-share companies, and they have excelled in internationalization development. BMC awardees’ continuous excellence and evolution in the face of external challenges lie in their sustained “integrated innovation”, which makes enterprises more market-sensitive, more sustainable in R&D, more forward-looking in products, and more far-reaching in brand influence.

“BMC enterprises have succeeded not only through product and technology innovation, but also possess more innovative digital means to strengthen customer insights, address social needs, lead their industries to create change, and have the awareness to transform their material and business values into team values and a sense of mission, inspiring their people and maintaining enterprise vigor and vitality. This sense of diversity and innovation is driving BMC’s award winners progress towards being world-class companies.”

Teresa Lee, Alternate Chief Executive and Head of Greater China of Bank of Singapore’s (BOS) Hong Kong Branch, says, “BOS is delighted to be the co-sponsor and judge of the China BMC Award for the fifth consecutive year. We will continue to work together with the BMC program to pass on the spirit of entrepreneurial excellence and help more Chinese private enterprises achieve greater social value and impact in the Asia-Pacific region.”

Prof. Xu Yan, Associate Dean of HKUST Business School, said, ” Innovation and change is the key to business success. As the co-initiator and strategic academic partner of the BMC program, HKUST Business School is committed to working with partners to promote the BMC program. Through the application of professional knowledge in business and management research, HKUST Business School will continue to help Chinese enterprises enhance their management, and augment their impact in the areas of internationalization experience, innovation management, corporate governance, and management systems.”

Liu Xiao, General Manager of Harvard Business Review China (Chinese edition), adds, “Private enterprises are vital force in China’s economy. Harvard Business Review is committed to providing thoughtful management insights and sharing leading management practices to help Chinese enterprises shape their influence in a fast-developing business world and tell more Chinese stories well.”

At the 5th BMC Awards Ceremony, 58 award winners that exemplify the theme of “Journey of Innovation”, discussed how to achieve “Evolution of Excellence” through multi-dimensional innovation in product and technology, organization and back-office, and customer and advanced insights. Deloitte China will use BMC as a platform to invite more outstanding Chinese private enterprises to speak jointly to the world, delivering the important co-creation of platforms and enterprises and continuing to build the influence of China’s outstanding private companies.

(Attached is the 5th “China Best Managed Companies” List)

2023 BMC new winners
Company Name Sector
Anton Oilfield Services Group Industrial manufacturing (energy)
Positec Technology (China) Co., Ltd. Industrial manufacturing
GUANGDONG HAID GROUP CO., LTD. Industrial manufacturing
Glodon Co., Ltd. Technology, media, and telecommunications
Junlebao Dairy Group Consumer (consumer goods)
Shandong Xueji Food Technology Co., Ltd. Consumer (consumer goods)
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. Life science and healthcare
SHENZHEN TRANSSION HOLDINGS CO.,LTD. Technology, media, and telecommunications
DJI Technology, media, and telecommunications
XINTE ENERGY CO., LTD. Industrial manufacturing (energy)
EVERRISING HOLDINGS CO.,LTD. Industrial manufacturing

2023 BMC gold winners
Company Name Sector
iKang Healthcare Group, Inc. Life science and healthcare
Skyworth Group Co., Ltd. Consumer (consumer goods)
Daqo Group Co., Ltd. Industrial manufacturing (energy)
Kidswant Children Products Co., Ltd. Consumer (retail)
Haidilao International Holding Ltd. Consumer (catering)
Hengan International Group Co., Ltd. Consumer (consumer goods)
Jack Sewing Machine Co., Ltd. Industrial manufacturing
Longfor Group Holdings Limited Real estate
Shandong Weigao Group Medical Polymer Company Limited Life science and healthcare
Shanying International Holding Co., Ltd. Industrial manufacturing
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Life science and healthcare
Shenzhen Inovance Technology Co., Ltd. Industrial manufacturing
Topchoice Medical Corporation Life science and healthcare
New Oriental Education & Technology Group Inc. Education
Yantai Jereh Oilfield Services Group Co., Ltd. Industrial manufacturing (energy)
China Education Group Holdings Limited Education

2023 BMC winners for two consecutive years
Company Name Sector
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Industrial manufacturing
Jiangsu Hengli Hydraulic Co., Ltd. Industrial manufacturing
Juewei Food Co., Ltd. Consumer (consumer goods)
Laobaixing Pharmacy Chain Joint Stock Company Consumer (retail)
LONGi Green Energy Technology Co., Ltd. Industrial manufacturing (energy)
Shandong Wuzheng Group Co., Ltd. Industrial manufacturing
Shanghai Liangxin Electrical Co., Ltd. Industrial manufacturing
Amer International Group Limited. Industrial manufacturing
Wingtech Technology Co., Ltd. Industrial manufacturing
Esquel Group Consumer (consumer goods)

2023 BMC winners for three consecutive years
Company Name Sector
ANTA Sports Products Limited Consumer (consumer goods)
Blue Focus Intelligent Communications Group Co., Ltd. Technology, media, and telecommunications
Fuyao Glass Industry Group Co., Ltd. Industrial manufacturing
GUANGDONG HEC TECHNOLOGY HOLDING CO., LTD. Industrial manufacturing
Hang Lung Properties Limited Real estate
MACALLINE Consumer (retail)
LEVIMA ADVANCED MATERIALS CORPORATION Industrial manufacturing
NANJING TICA CLIMATE SOLUTIONS CO., LTD. Industrial manufacturing
AUTOHOME Technology, media, and telecommunications
BYHEALTH.,LTD. Life science and healthcare
Tongwei Solar Co., Ltd. Industrial manufacturing (energy)
Yonghui Superstores Co., Ltd. Consumer (retail)
Cheerwin Group Limited Consumer (consumer goods)

2023 BMC winners for four consecutive years
Company Name Sector
Jiajiayue Group Co., Ltd. Consumer (retail)
iFLYTEK Co., Ltd. Technology, media, and telecommunications
360 Security Technology Inc. Technology, media, and telecommunications
BGI Genomics Co., Ltd. Life science and healthcare
Shenzhen YUTO Packaging Technology Co., Ltd. Industrial manufacturing
New Hope Diary Co., Ltd. Consumer (consumer goods)
Joy Wing Mau Corporation Limited Consumer (consumer goods)
Intime Retail (Group) Company Limited Consumer (retail)

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Hashtag: #Deloitte

The issuer is solely responsible for the content of this announcement.

About Deloitte China

Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China’s reform, opening-up and economic development. We are a globally connected and deeply locally-rooted firm, owned by its partners in China. With over 20,000 professionals across 30 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit & assurance, consulting, financial advisory, risk advisory, business advisory and tax services.

We serve with integrity, uphold quality and strive to innovate. With our professional excellence, insight across industries, and intelligent technology solutions, we help clients and partners from many sectors seize opportunities, tackle challenges and attain world-class, high-quality development goals.

The Deloitte brand originated in 1845, and its name in Chinese (德勤) denotes integrity, diligence and excellence. Deloitte’s professional network of member firms now spans more than 150 countries and territories. Through our mission to make an impact that matters, we help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients.

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Shopee announces initiatives to support seller growth

SINGAPORE – Media OutReach – 21 July 2023 – Shopee Singapore celebrated the achievements of its sellers and announced a suite of initiatives to empower businesses at Seller Summit 2023.

Seller Summit KV.png

The theme of the Summit is “Win with Shopee: Roadmap to year-end sales success”.

Reaffirming its commitment to enhancing the seller experience, Shopee introduced the following key initiatives to its sellers at the virtual event to help them grow their businesses on the platform:

  1. Next Day Delivery (NDD) – Available to selected retailers, NDD benefits sellers by giving users greater certainty on delivery arrangements and supporting buyers’ urgent purchases.
  1. Coins Cashback Program – Shopee increased its priority platform vouchers and daily vouchers under the Coins Cashback Program to boost the sales of participating sellers on this program. In addition, Shopee offers preferential shipping rates for local sellers on this program.
  1. A tailored digital banking experience – Sellers can tap on MariBank’s business banking suite to support their business growth. Mari Business Loan provides sellers with a ready cash line to meet their evolving business needs. In addition, Mari Business Account offers sellers a competitive interest rate of 2.5% p.a., without additional costs and fees to operate their accounts.
  1. 30% Off Shopee Live – With 30% vouchers applied to all products sold on Shopee Live from 8pm to 11pm daily, sellers can take advantage of a growing livestream audience and engage buyers in real-time under this new livestream campaign.


Ian Ho, Vice President, Shopee,
said, “Small and Medium Enterprises are a critical part of Singapore’s economy. They are a major driver of economic growth and job creation in Singapore. Shopee is grateful for their long-standing support and trust in our platform. As the e-commerce industry continues to transform, we remain committed to adapting to the evolving needs of businesses and helping sellers grow and scale online.”

Utilising holistic solutions to achieve business growth

Singapore-based online Home & Living store, Multiple x Choice (MXC), saw the opportunity to expand its business and reach more online users on Shopee. MXC leveraged Shopee’s expertise to organise and automate its business processes. In doing so, MXC expanded its business’ capacity in accepting larger orders and managing its fulfilment process.

With the support of Shopee, MXC observes that its business operations have improved. It now has additional time to focus on product sourcing and marketing strategies. Since joining Shopee, MXC’s business has expanded steadily and grown multi-fold over the past three years. Its followers have also grown from about 2,000 in 2020 to 21,300 today.

Employing Shopee Flash Deals and Shopee Ads, MXC garners high traffic and strong interest from new customers on its new arrivals and key products. It attests to the benefits of Shopee Affiliate Marketing Solution (AMS), which amplifies its brand presence through Shopee’s network of partners. It also works with Key Opinion Leaders in its livestreams during its Christmas campaign and giveaways on Shopee Live.

Khloe Leong and Phoebe Mok, co-founders of Multiple x Choice (MXC), said, “We continue to serve our customers’ needs and expand our customer base by curating more MXC products. We are thankful that Shopee provides sellers like us with a wide range of marketing tools and seller programs, which increase our exposure and enable us to grow our business. Together with Shopee, we believe that we can create a fun, engaging and meaningful shopping experience through e-commerce.”

Expanding reach with engagement tools

Agiontex, a homegrown seller of eco-friendly home care products, also attests to the ease of becoming a seller on Shopee. The one stop service Shopee offers makes it convenient for Agiontex’s customer management and order fulfillment. Agiontex also uses the Shopee Xpress pick up service for timely order deliveries.

Agiontex has seen its revenue tripled since operating on Shopee three years ago. It has plans to focus on affiliate marketing to boost sales traffic in 2023. To reach out to a large pool of online consumers, Agiontex will continue to participate in Seller Center campaigns and promote its products on Shopee Live.

Wong Jiewei, Sales and Marketing Manager at Agiontex, said, “We encourage businesses to onboard with Shopee as its seller support and customer service are top-notch. Shopee has supported our business goals from the beginning and has helped our business to grow. It has enabled Agiontex to reach out to a new customer base while facilitating timely order fulfillment.”
Hashtag: #Shopee

The issuer is solely responsible for the content of this announcement.

Shopee

Shopee is the leading e-commerce platform in Southeast Asia & Taiwan. Shopee promotes an inclusive and sustainable digital ecosystem by enabling businesses to digitalise and grow their online presence, helping more people access and benefit from digital services, and uplifting local communities.

Shopee offers an easy, secure, and engaging experience that is enjoyed by millions of people daily. Shopee is also a key contributor to the region’s digital economy with a firm commitment to helping homegrown brands and entrepreneurs succeed in e-commerce.

Shopee is part of Sea Limited (NYSE: SE), a leading global consumer internet company. Sea’s mission is to better the lives of consumers and small businesses with technology through its three core businesses: Shopee, Garena and SeaMoney.

Laos, Malaysia Sign Deal for Cross-border Railway Operations

Anwar (second from left) with his counterpart from Laos, Sonexay (second from right) at the signing ceremony between KTMB and LNRE, which were represented by Mohd Rani (left) and Daochinda respectively. (Photo: Bernama)

Kuala Lumpur (The Star): Malaysia and Laos have marked an important milestone in cross-border railway movement with a memorandum of collaboration signed between their respective rail operators.

Laos Receives USD 426 Million from Lao Workers Abroad as Foreign Remittance

Photo Credit: Jason Rolan

Lao workers who work abroad send an average of over USD 35.5 million per month back to Laos, or USD 426 million per year, which makes a significant contribution to the country’s economy and foreign currency earnings.

Vietnam’s OCB Partners Backbase to Leapfrog Omnichannel Banking Modernization & Personalization

Top Private Vietnamese bank chooses Backbase Engagement Banking Platform for Retail Banking

HO CHI MINH, VIETNAM – Media OutReach – 21 July 2023 – Backbase, the global leader in Engagement Banking today announced that Orient Commercial Joint Stock Bank (OCB) has chosen Backbase to power its omnichannel banking modernization in a signing ceremony on 20 July 2023. OCB’s goal is to create a personalized digital banking system for each customer across all channels, by fully digitizing every customer journey and touchpoint to provide seamless services via mobile applications and computer platforms. This project implementation will be led by Backbase’s partner SmartOSC.

Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform
Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform

OCB is the top private bank in Vietnam and is Backbase’s fifth customer in Vietnam. In 2022, OCB expanded OCB OMNI to more than 200 products, services, and utilities. OCB OMNI users increased more than 1.7 times, while the number of transactions increased by more than 200% compared to 2021. OCB’s rate of deposit through digital channels also increased by 178% over the same period.

Mr. Nguyen Dinh Tung, CEO, OCB, said “As a pioneer bank of digital transformation in general and omnichannel banking in particular, our strategy is to create a unified customer lifecycle first in the retail banking line of business and swiftly expand to the business banking line of business. With the Backbase Engagement Banking Platform (EBP) based on three main factors including: a six-month go-live timeline, full control over building, owning, and customizing differentiated upstream and downstream requirements, and local support for implementation and future project needs. OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first year of the platform launch, and goal to grow to 10 million monthly active users in 5 years of the launch.”

OCB’s previous in-house attempt lacked scalability, speed to market, and failed to meet expectations, posing a threat to the bank’s position as a fast-growing and customer-centric institution. With the implementation of Backbase’s EBP, OCB now has the ability to adopt and build, aligning with its modern banking culture and customer-centric approach. he investment aligns with OCB’s business model and management values of low risk, efficiency, safety, and growth.

“Innovative banks with high digital maturity like OCB endeavor to take the driver’s seat to deliver their own unique omnichannel digital banking proposition. The beauty in adopting and building is that banks do not need to worry about the underlying business rules, orchestration of banking services, hygiene security and compliance requirements, and the essential micro services and journeys that are already proven to work across the lines of business and channels they want to re-architect. On day one, banks could start building on top of the platform to customize journeys and experience for specific consumer segments, products, and channels, which is the reason that go-live for such an extensive omnichannel platform can be within 6 months,” Riddhi Dutta, Regional Vice President, Asia, Backbase said.

SmartOSC will assist OCB in integrating the Engagement Banking Platform, also referred to as the Digital Banking Omnichannel Platform, into its existing records systems, while also addressing OCB’s initial localization requirements, by leveraging their extensive experience and market-leading solutions, Furthermore, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.

“We are excited to collaborate with OCB and Backbase at this pivotal time in banking. Having the ability to quickly adapt to evolving customer needs is essential in today’s digital landscape. This is what makes this collaboration so important!” Mr. Le Mai Anh, Vice Chairman of SmartOSC said. “We are honored to work together to modernize omnichannel banking using the Engagement Banking Platform showcasing the best that innovation and customer-centricity have to offer. It is with great confidence that we deliver this project on time and support OCB’s mission of putting customer needs first by delivering high-quality products and services without disruption.”

The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia.Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking

The issuer is solely responsible for the content of this announcement.

Backbase

is on a mission to re-architect banking around the customer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Industry analysts Gartner, Omdia, and IDC continuously recognize Backbase’s category leadership position. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.

Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.

Orient Commercial Joint Stock Bank (OCB)

was established on 10 June 1996. After more than 27 years of operation and development, OCB currently has more than 200 business units spread across all regions and key economic centers across the country.

OCB was recognized by the State Bank as one of the first three banks to complete risk management items according to the Basel II international standards by the end of 2018. Moody’s Investors Service, one of the three most prestigious credit rating agencies in the world, increased Counterparty Risk Assessment (CRA) and Counterparty Risk Rating (CRR) to Ba3 in July 2019. This is the highest-ranking level in Vietnam today.

OCB has gradually risen to the top of the group of private banks in Vietnam according to three criteria: growth rate, safety and efficiency. Not only operational efficiency and profit, OCB always actively controls costs, synchronously implements cost-optimizing solutions to improve business efficiency, this is the Bank’s direction throughout.

SmartOSC

With 18 years in operation, is an industry-leading digital transformation agency of 1000+ experts across countries including Vietnam, Australia, Singapore, Japan, Thailand, Indonesia, Korea, the US and the UK. Deep experience across most enterprise platforms and technology stacks has made SmartOSC a trusted partner for leading brands and financial institutions worldwide.

SmartOSC Fintech provides top-tier solutions and caters to tailor-made requirements for banks and financial institutions worldwide by leveraging the latest technologies. This capability means banks can reduce operating costs, save implementation time and ensure security with SmartOSC Fintech suite.

Being recognized as a leading customer-centric eCommerce partner at The Global Economics Awards 2023, SmartOSC is able to represent its commitment to helping clients to succeed in an ever-changing world.

Vientiane Residents Voice Concerns Over Factory Emissions, Noise Pollution

Factory emissions

The rapid urban development of Vientiane Capital is facing challenges as emboldened residents complain of emissions from nearby factories affecting their quality of life.

United States and Norway Provide Over USD 20.8 Million to Increase UXO Clearance in Southern Laos

UXO clearance in Laos (Photo: NPA)

The Government of the United States of America and the Government of Norway have continued their long-term commitments to supporting the unexploded ordnance (UXO) sector in Laos, with a combined total of over USD 20.8 million committed to the Norwegian People’s Aid (NPA) to support survey and clearance operations in four southern provinces of Laos.

High-Level Taskforce Established to Tackle Economic Challenges in Laos

Patuxay amid Vientiane night sky

The Politburo of the Lao People’s Revolutionary Party Central Committee has formed a high-level taskforce to address the pressing economic and financial issues affecting Laos.