(Yicai) Dec. 17 -- The average growth rate of the 50 faster-growing technology companies in China over the past three years fell this year compared to the previous year's figure, according to a report by Deloitte's China unit.

The triennial average growth rate of China's top 50 tech firms was 490 percent this year, down from 588 percent last year, the China Technology Fast 50 report said yesterday.

In addition, 19 of the top 50 firms had income of between CNY50 million and CNY100 million (USD7.1 million and USD14.2 million) this year, up from 15 the previous year, while the number of those with revenue of over CNY100 million remained the same at 22, highlighting a rise of small and medium-sized enterprises and stability among the leaders. The income growth rate of the top 10 companies was slightly changed.

Twenty-three percent of the top 50 tech firms invest more than half of their revenue in artificial intelligence research and development, but all faced challenges with a shortage of high-tech talents, insufficient application of AI tech in business scenarios, and increasing R&D costs, said Zhao Jindong, national managing partner of Deloitte China's Technology Fast Program.

Twenty-six of the 50 companies were located in the Guangdong-Hong Kong-Macao Greater Bay Area. China's First-tier cities of Shanghai, Shenzhen, Beijing, and Guangzhou, with their mature industrial foundations, abundant talent reserves, and dense capital resources, are still the main source of such firms.

The hardware industry had the most entries, with 14 companies, followed by nine from the high-end equipment sector. The former benefited from the growth in the semiconductor field, while the latter relies on the outstanding performance of the intelligent manufacturing sub-sector. The number of firms from the software and life science industries fell year over year, while that of those from the internet sector plunged.

The Deloitte Technology Fast 50 was founded in Silicon Valley in 1995 and entered China in 2005. This year's candidates were required to provide audit reports from 2022 through last year, posting an operating revenue of no less than CNY2 million (USD284,000) in 2022 and CNY30 million in 2024, while having a strong capacity for sustainable development.

Editor: Martin Kadiev