Four Wenzhou Companies Listed as 2018 Provincial Hidden Champions

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Published: Thursday, 11 October 2018 14:51

According to a newly released official announcement, four companies from Wenzhou are listed as 2018 Zhejiang Provincial Hidden Champions, including Zhejiang Weigang Machinery Co., Ltd., Wenzhou Chaolong Textile Machinery Co., Ltd., Zhejiang Jiatai Laser Science & Technology Co., Ltd. and Zhejiang Goldstone Packaging Co., Ltd.

The criteria for a company to be listed as a provincial hidden champion in Zhejiang Province are quite high. The company shall have a good growth potential, be engaged in an industry, a product or a technological field encouraged by the country and be continuously focused on a manufacturing process or a product in the industrial chain with its main product taking a high market share in a niche market and the capacity to make constant innovations.

To help more local enterprises grow into leaders in their niche markets, relevant departments of the Wenzhou government has taken active measures to support Wenzhou small and medium enterprises’ development and offer specific and targeted services to those companies which have a great chance to become hidden champions and unicorns. They are named Hidden Champions In Progress by the government. In 2017, 52 Wenzhou companies were newly added to the list of Hidden Champions in Progress. Among them, 12 companies’ products rank first in their niche markets, and 24 are among the top five. The total revenue of these 52 enterprises reached 7.78 billion Yuan, a 12% year-on-year growth.