Taipei, May 15 (CNA) China-based companies outshone Taiwanese firms in terms of total revenues last year, according to the results of a survey released Tuesday.
Chinese companies claimed the top three spots among the top 1,000 publicly listed companies on the Taiwan, Hong Kong, Shanghai and Shenzhen stock markets, according to the Chinese-language CommonWealth Magazine, which conducted the survey.
China's state-owned China Petrochemical Corp. posted total revenue of NT$11.4 trillion (US$385 billion) in 2011 to claim the top spot, while the state-run China National Petroleum Corp. claimed the second spot with total revenue of NT$9.1 trillion.
Commodities trader Glencore, which is listed on both the London and Hong Kong exchanges, was ranked in third place with total revenue of NT$5.3 trillion, according to the survey.
Taiwan's Hon Hai Precision Industry Co., which manufactures iPhones and iPads for Apple Inc., was ranked fourth with revenue of NT$3.5 trillion, accounting for nearly 20 percent of Taiwan's gross domestic product for 2011, the magazine said.
In terms of profitability, only four Taiwan-based companies made it into the top 50, with Yuanta Financial Holdings ranked 22nd, Asia Pacific Telecom at 25th, Mega Holdings at 29th and Taiwan Semiconductor Manufacturing Company at 49th.
Taiwanese businesses need to have more efficient market strategies due to the country's strong reliance on exports, which accounted for 66 percent of the nation's GDP last year, the magazine said.
It also said that Taiwan will face increasing challenges from neighboring countries after the launch of three-way free trade talks between China, Japan and South Korea expected later this year.
(By Rita Cheng and Ann Chen)