AsianFin -- If 2023 was the year of broad consensus around "going global" for Chinese companies, 2024 is when the strategy diverged—separating those with staying power from the rest.
The rallying cry of "globalize or get left behind" has matured into a call for "high-quality globalization," as companies confront increasingly complex geopolitical and economic headwinds abroad.
Chinese firms listed across the A-share, Hong Kong, and U.S. markets are still expanding overseas—but with sharper focus and changing drivers. An analysis of annual reports from 8,606 listed firms compiled by "Going Global Reference" shows overseas revenue is climbing steadily, even as growth engines pivot from green tech to artificial intelligence and consumer electronics.
A-shares alone reported overseas sales totaling 9.43 trillion yuan ($1.3 trillion) as of May 10—up 7.87% year-on-year and a sharp acceleration from 2023's 350 billion yuan increase to a 688.5 billion yuan jump this year. Hong Kong, meanwhile, welcomed 71 new Chinese listings across sectors ranging from AI to healthcare.
But the real shift lies in who is winning—and who is falling behind.
In 2023, China's "new three" export darlings—photovoltaics, lithium batteries, and electric vehicles—dominated overseas revenue rankings. But this year, only automakers remain on top, while solar and battery players stumble amid weaker global demand and rising trade barriers.
BYD Co. once again topped the list for overseas revenue growth among listed companies, adding 61.7 billion yuan in 2024, despite a slowdown in year-on-year growth to 38.5% from 75% in 2023. Great Wall Motors, Geely Auto, and Changan Auto also made repeat appearances, driven by overseas manufacturing and regional penetration.
Geely, for instance, grew revenue in Eastern Europe by 70% and captured a 12% market share in the Middle East. Great Wall's overseas sales hit 450,000 vehicles, accounting for 36.8% of total volume. Their rise also lifted upstream suppliers—BYD Electronics, Luxshare Precision, and Longcheer Technology—who rode the wave of auto electronics demand.
BYD Electronics reported a 45.5% jump in revenue from its EV-related segment to 20.5 billion yuan, as it expanded into smart driving systems and thermal management.
Meanwhile, major solar and battery names saw sharp reversals. CATL's overseas sales dropped by 20.7 billion yuan, making it the worst performer among A-share firms. JinkoSolar and Sungrow also posted declining international revenue, marking a retreat for last year's high-fliers.
As clean tech stumbles, AI is stepping into the spotlight. More than half of the newcomers in the 2024 "Top 30 Chinese Listed Companies by Overseas Revenue Growth" are AI-related firms.
Server giant Inspur Information saw a 257% surge in overseas sales to 34.1 billion yuan, driven by red-hot demand for computing power. Shannon Systems and InnoLight, which supply data storage and optical modules for AI infrastructure, posted overseas revenue growth of 139% and 128% respectively. InnoLight now generates 60% of its revenue from U.S. customers and 86.8% from overseas markets.
Consumer tech players are riding the same wave. Lenovo's overseas sales jumped by 56.1 billion yuan, as its AI-enhanced PCs and data center products led global gains. Non-PC business now accounts for nearly half of Lenovo Group's revenue, while its PC market share globally stands at 24.3%.
While AI's meteoric rise is subject to macro uncertainty—from geopolitical tensions to capital constraints—it has quickly become one of the most potent levers for Chinese firms seeking to scale internationally.
Consumer electronics companies now make up one-third of the top 30 global revenue growers, contributing 1.24 trillion yuan—roughly 43% of the cohort's total overseas earnings. Legacy giants like Midea, TCL, Hisense, and Haier, along with rising stars like Xiaomi and Anker Innovations, are pushing deeper into overseas markets.
Midea posted the largest overseas revenue growth among appliance makers, adding 18.1 billion yuan. The top four players now account for 85% of total overseas revenue among listed appliance firms, underscoring a "winner-takes-all" trend.
Years of global investment are bearing fruit: Haier and TCL's overseas revenue now surpass 40% of their total. These companies have built localized production in Southeast Asia, Mexico, and beyond to sidestep trade risks and improve supply chain efficiency.
Product upgrades have also paid off. TCL's shipments of 75-inch+ TVs in North America soared 79% in Q1. Hisense's laser TVs now command a 66% global market share. Even Skyworth, which slipped from the rankings, saw growth in smart appliances driven by new high-end SKUs.
A standout performer was Anker Innovations, the cross-border e-commerce firm that began with power banks and is now competing with long-established brands. It crossed 24.7 billion yuan in total revenue in 2024, with category-wide growth and a breakout 3D UV printer campaign that raised $20 million in 10 days via crowdfunding.
Strong overseas demand is also flowing through to China's logistics backbone. Cross-border trade reached 43.9 trillion yuan in 2024, driving expansion across ocean freight, air cargo, and last-mile delivery. While sector-specific data remains forthcoming, early signs suggest transport infrastructure is quietly riding the same globalization wave.
As 2025 approaches, Chinese companies' global strategies are becoming more targeted and tech-driven. From AI infrastructure and EVs to next-gen home appliances, companies are not just going abroad—they're doing it smarter, faster, and with higher stakes.
If 2023 was about planting flags overseas, 2024 is about building moats. The winners are emerging, not just from policy tailwinds, but from product innovation, operational resilience, and deep market localization. For China Inc., the next frontier of globalization has already begun.
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