Asia’s Fab 50 2018: China Squeezes out Asia

The Asia-Pacific region often feels dominated by China. That’s certainly true when it comes to our annual list of the best big listed companies from Japan to Australia to India. Once again China grabs the most spots – a record 30 of the 50 companies hail from the mainland, up from 28 last year.

And once again, the corporate stars that shine the brightest are Tencent and Alibaba. The two Chinese internet giants boast vastly greater market capitalizations and enjoy far higher profits than any of the other companies on the list. Tencent’s net profit soared 71% last year, to $10.6 billion, while Alibaba’s climbed 49%, to $9.7 billion.

China’s hold on the list is squeezing out other countries. Only 7 placed companies on the list; 12 did in 2016. Taiwan has none for the first time since the Fab 50 started in 2005. But of the 17 companies joining the list for the first time, 9 come from outside China.

Once again India puts the second-largest number of companies on the list – seven, down one from last year. Five Japanese outfits crack the lineup, the most since 2007. Three of them are newcomers, starting up only since 1997. Vietnam never had a company make the Fab 50 before 2016, but now it’s had three, including a newbie this year.

Capitalist churn means some companies can’t keep up. This year four regulars failed to make the cut: India’s HDFC Bank after a record 11 appearances, South Korea’s Naver after 8, and China’s Baidu and Great Wall Motor after 6 apiece.

To arrive at the Fab 50, we start with a pool of 1,744 publicly traded companies that have at least $2 billion in annual revenue and have been listed for at least a year. We then knock out companies that are losing money or whose revenue is less than it was five years ago. Next we toss out companies carrying long-term debt that’s equal to more than half their total capital, or that have more than 50% state ownership. The goal is to highlight well-run entrepreneurial outfits.

Companies that are more than 50%-owned by listed parents are also culled. Finally we run the remaining contenders through a battery of more than a dozen financial measures. The goal is an honor roll of high-performing blue chips, the region’s best of the best.

《福布斯》亞洲50強榜單，中國大陸占據30席

亞太地區常常感到被中國支配。在《福布斯》雙周刊每年評選出亞洲最佳大型上市公司時，情況亦是如此。今年中國再次占據了榜單上的大多數名額——在上榜的50家公司中，有創紀錄的30家來自中國大陸，高于去年的28家。

并且，騰訊和阿里巴巴依舊是最耀眼的企業明星。這兩家中國互聯網巨頭的市值和利潤均遠超榜上其他公司。騰訊去年的凈利潤飆升71%，達到106億美元;阿里巴巴的凈利潤則上漲49%，達到97億美元。

上榜中國企業的數量越來越多，這意味著來自其他國家的上榜企業日益減少。今年只有7個國家和地區的企業躋身這一榜單;而在2016年有12個國家和地區的企業上榜。自《福布斯》亞洲50強企業榜單于2005年啟動以來，中國臺灣首次沒有企業上榜。不過在首次上榜的17家公司中，有9家不是中國的。

印度上榜企業的數量再次占據第二名——有7家上榜，比去年少了一家。5家日本公司榜上有名，是自2007年以來最多的一次。其中有3家是1997年以后才成立的新公司。在2016年前，越南從未有任何一家企業躋身亞洲50強榜單，但現在它有3家了，包括今年新上榜的一家企業。

資本市場動蕩意味著一些公司跟不上前進的步伐。有一些常上榜的企業沒能入選：比如印度的住房開發金融公司銀行(上榜次數高達11次)，韓國的Naver也曾上榜8次，中國百度和長城汽車也都分別上過6次。

為了評出亞洲50強榜單，《福布斯》對1744家上市公司進行篩選，這些公司的年收入至少要達到20億美元，上市時間至少有一年。然后，出現虧損或營收低于5年前水平的公司被剔除。接下來，那些長期債務占總資本一半以上或國有資本比例超過50%的公司被剔除。目標是選出經營良好的企業。

上市母公司持股比例超過50%的公司也會被淘汰。最后，我們對剩下的競爭者進行了一系列的財務評估。最終目標是評選出表現優異的藍籌股，該地區優秀的藍籌股中最出類拔萃的。

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