Chongqing- One hundred and eighteen "little giant" companies based in Southwest China's Chongqing Municipality achieved a total output value of 15.268 billion yuan (about 2.28 billion U.S dollars), with a year-on-year increase of 20.87%, according to the data from the Chongqing Economic and Information Technology Commission.

Chongqing's specialized and sophisticated enterprises, nicknamed "little giants", handed over a bright report card in the first quarter of this year and contributed proportionately to the city's economic development. 

The concept of "specialized, sophisticated, distinctive, and innovative" refers to small and medium-sized enterprises (SMEs) with specialization, refinement, distinction, and innovation. They are SMEs specializing in niche sectors, command a high market share, and boast innovative solid capacity and core technologies, playing a significant supporting role in the powerful manufacturing country.

The 6th Chongqing Municipal Congress of the Communist Party of China proposed to stimulate the vitality of various market players, strengthen a group of leading and chain-owner enterprises, and cultivate a group of specialized and sophisticated enterprises.

16 "little giants" companies listed

On May 24, Chongqing Yuxin Pingrui Electronics Co., Ltd. (Yuxin Electronics) landed on the Shenzhen Stock Exchange Growth Enterprise Market (GEM), with a total market value of 4.044 billion yuan. It is hard to imagine that just 19 years ago, it was a small micro-enterprise with a registered capital of only 3 million yuan, mainly manufacturing and selling electronic product accessories and mechanical product accessories.

In June 2019, Yuxin Electronics was selected by the Ministry of Industry and Information Technology as the first batch of "little giant" companies, ushering in a period of rapid development. "Along with the official listing of the Western (Chongqing) Science City at that time, we realized the opportunity for further development and decided to take our advantages to integrate into the development of the science city and explore high-tech and production processes," said the competent representative of the company. 

From 2019 to 2021, the core products of Yuxin Electronics, the general gasoline engine igniter and the digital inverter generator converter, ranked first and third in the global market share, respectively. Today, the annual production and sales of igniters developed and produced by Yuxin Electronics are nearly 10 million, accounting for about 30% of the global production and sales, ranking first in the world.

Boost Chongqing's economic development

On June 8, Jingrong Think Tank launched a list of "key little giants" in 50 cities. Chongqing has risen in this list three times, now ranking 5th with 62 key "little giants" after Beijing, Shanghai, Ningbo, and Shenzhen.

Experts said that the specialized and sophisticated enterprises are not industry giants, but they are difficult to be replaced in the industrial chain. Most of them are distributed in the manufacturing industry and are a new force for Chongqing to build a critical national advanced manufacturing center.

According to statistics, among the 118 Chongqing "little giant" enterprises, there are 37 in the equipment manufacturing industry, 34 in the automobile industry, 23 in the material industry, and 14 in the electronics industry.

"These are all pillar industries in Chongqing, reflecting that the distribution of specialized and sophisticated enterprises is highly compatible with Chongqing's industrial structure, laying a solid foundation for the high-quality development of Chongqing's manufacturing industry," said an official of the Chongqing Economic and Information Technology Commission. 

(Wang Lu, as an intern, also contributed to this report.)