9  The Digital Battlefield: Cybersecurity, Cyber Warfare, and Geopolitical Conflict

In the 21st century, the geopolitical landscape is increasingly defined by the digital realm, where cybersecurity and cyber warfare play pivotal roles in statecraft and international conflict. As nations become more reliant on digital infrastructure for critical services—ranging from energy grids and financial systems to military communications—cyberattacks have emerged as potent tools of geopolitical competition. Cyber warfare not only targets military assets but also seeks to disrupt civilian infrastructure, destabilize economies, and undermine trust in political institutions.

Data science is at the forefront of defending against cyber threats and is essential in understanding the scope and impact of cyber warfare. Data on cyber-attacks, vulnerabilities, and digital infrastructure is continuously analyzed to detect anomalies, identify weaknesses, and predict future threats. Anomaly detection algorithms, for example, are employed to spot irregularities in network traffic that may indicate malicious activity, while predictive modeling is used to forecast potential attack vectors based on historical data and emerging trends.

Geopolitical tensions often manifest through cyber warfare, as seen in attacks like the 2017 WannaCry ransomware incident, which affected thousands of organizations worldwide, including critical infrastructure in countries such as the United Kingdom and Russia (Kharraz et al., 2018). More sophisticated state-sponsored cyberattacks, such as Russia’s alleged interference in the 2016 U.S. presidential election or China’s cyber-espionage campaigns, exemplify how cyber warfare has become a key tool for achieving geopolitical objectives without conventional military engagement (Rid, 2020).

Data science techniques, including network forensics and machine learning, are used to analyze patterns in cyber-attacks. Forensic analysis helps trace attacks back to their sources, identifying whether a particular incident is the work of state-sponsored actors, independent hackers, or criminal organizations. Machine learning models, trained on vast datasets of prior cyber incidents, can detect new attack methods, helping cybersecurity professionals stay one step ahead of adversaries. These models also help develop cyber defense strategies by predicting which vulnerabilities are most likely to be exploited and enabling proactive measures to secure digital infrastructures.

As cyber warfare continues to evolve, the concept of digital sovereignty—the control and protection of a nation’s digital assets—has become a critical issue. Countries like Russia, China, and Iran have sought to assert digital sovereignty by developing national internet infrastructures that limit external influence and enhance internal control (Segal, 2018). The push for localized control of data and protection of national digital infrastructures is seen as a strategic imperative in a world where the lines between war and peace are increasingly blurred by cyber activity.

9.1 Information Warfare: The Role of Propaganda, Media, and Data Manipulation

Parallel to cyber warfare is the rise of information warfare, where disinformation, propaganda, and data manipulation are weaponized to influence public opinion, sow discord, and disrupt democratic processes. The ability to shape narratives, amplify divisive content, and manipulate media flows has become a critical tool in the geopolitical toolkit of states and non-state actors alike. Modern information warfare is driven by the proliferation of social media platforms, where messages can be spread quickly and widely, often without regard to their veracity.

Data science plays a vital role in tracking the spread of disinformation and understanding how these campaigns are orchestrated. Sentiment analysis, social network analysis, and machine learning models are used to trace how disinformation moves through online networks and how it impacts public opinion. Social media platforms, like Twitter and Facebook, have become key battlegrounds in information warfare, with state and non-state actors using these platforms to propagate false narratives, influence elections, and destabilize adversaries.

For example, during the 2016 U.S. presidential election, Russian operatives used a coordinated disinformation campaign to influence public opinion, promote divisive political content, and undermine confidence in the democratic process (Howard et al., 2018). By creating fake social media accounts, amplifying polarizing content, and targeting specific voter groups with disinformation, these actors exploited the decentralized nature of social media to achieve geopolitical goals. Machine learning algorithms, combined with natural language processing (NLP), have been crucial in identifying bot networks, fake accounts, and coordinated disinformation campaigns across multiple platforms.

Sentiment analysis helps gauge public reaction to disinformation, revealing how certain narratives spread and gain traction. By analyzing large datasets of social media posts, news articles, and online comments, data scientists can assess the tone and emotional content of these discussions, helping to identify shifts in public opinion. These insights are vital for understanding the broader impact of disinformation campaigns on elections, conflicts, and international relations.

Information warfare is not limited to democratic states; authoritarian regimes often use propaganda and media control as tools of internal and external strategy. In countries like China and Russia, state-controlled media is used to shape domestic narratives and suppress dissent, while external disinformation campaigns are aimed at weakening adversaries. Data science is employed to analyze how these regimes use media manipulation to maintain control over public discourse and shape the geopolitical narrative in their favor (Walker & Ludwig, 2017).

Deepfakes, a new and highly concerning development in information warfare, present an additional challenge. These AI-generated videos can manipulate real footage to create entirely fabricated scenarios, often with the intent of discrediting political figures or spreading disinformation. Deep learning models are employed to both create and detect deepfakes, and the battle between realistic media manipulation and deepfake detection is an ongoing arms race in the information domain (Chesney & Citron, 2019).

As nations continue to grapple with the challenges of information warfare, data science remains a critical tool for defending against the spread of disinformation and propaganda. Predictive modeling can be used to anticipate which narratives are most likely to be weaponized in disinformation campaigns, allowing governments and platforms to counteract these efforts before they reach a tipping point. Moreover, network analysis helps to identify the key nodes—actors or groups—driving the spread of disinformation, enabling more targeted and effective responses.

Finally, as pointed out in Warin’s 2024 study on disinformation’s effects on democracy, understanding the evolution of disinformation, especially with the rise of generative AI technologies, is critical for both policymakers and researchers. By utilizing data science techniques such as bot detection, sentiment analysis, and machine learning, researchers can develop more sophisticated approaches to monitoring and countering disinformation. This approach is necessary to safeguard democratic integrity, enhance digital literacy, and promote transparency in information dissemination in the digital age (Warin, 2024PR-03) (Podcast here)

9.2 Conclusion

The rise of cyber warfare and information warfare represents a significant shift in how geopolitical conflicts are fought in the digital age. As cyber-attacks and disinformation campaigns become more sophisticated, nations must develop new tools to defend their digital infrastructures and safeguard the integrity of public discourse. Data science is at the forefront of these efforts, providing the algorithms, models, and analytical techniques needed to detect threats, predict vulnerabilities, and mitigate the impact of cyber and information warfare. As digital technologies continue to evolve, the digital battlefield will remain a critical arena for geopolitical competition, with the ability to control and protect digital assets serving as a key determinant of global power.

9.3 Appendix - # Innovation

9.4 Definitions of Innovation

Definitions

Innovation is very often associated with the notion of entrepreneur (Redlich, 1951), although innovation can be much more general.

  • Schumpeter (1939) is the first to define innovation in its economic sense and integrating the market process.

  • He saw innovation characterized by:

  1. the construction of new plants and equipment,

  2. the introduction of new enterprises, and

  3. the emergence of new leaders in companies. He saw innovation as being different from invention (Robertson, 1967).

Other definitions

  • Radical, incremental and architectural innovations

  • Product, Process, Market Innovations

  • Technological and organizational innovations. Innovation is often associated with technology.

  • Competitive innovation. Even if one can imagine that it is interesting to be the smallest number of competitors possible in a market, the fact remains that one company benefits from the innovations of other companies.

  • Disruptive and Collision innovations

Innovation and invention

What is the difference between innovation and invention?

  • According to Roland (1977), invention and innovation should not be separated, and innovation has a broader dimension than the invention.

  • An invention is an innovation, but an innovation can also be non-technological. Innovations concern products as well as production processes.

12 Principles of Innovation for BoPM

  1. Focus on (quantum jumps in) price performance

  2. Hybrid solutions, blending old and new technology

  3. Scalable and transportable operations across countries, cultures and languages

  4. Reduce resource intensity: eco-friendly products

  5. Radical product redesign from the beginning

  6. Build logistical and manufacturing infrastructure

  7. Deskill (services) work

  8. Educate (semiliterate) customers in product usage

  9. Products must work in hostile environments

  10. Adaptable user interface to heterogeneous consumer bases

  11. Distribution methods designed to reach rural and urban areas

  12. Focus on broad architecture, enabling quick and easy incorporation of new features

Danimal Strategy

BoP 1.0 - Prahalad BoP 2.0 - Hart Danimal Strategy ?
BoP as consumer/producer BoP as business partner Daniladies have become part of the supply chain and are integrated into the distribution strategy
Deep listening Deep dialogue Deep listening involves identifying what people need. Deep dialogue takes deep listening further and involves co-development.
Reduce price points Expand imagination Designed to address nutritional shortcomings among poor people. It is a completely different product sold through different channels.
Redesign packaging, extend distribution Marry capabilities, build shared commitment Work with the Daniladies; Redesign of the package (no bar code, price written on the inside, etc.).
Arm’s length relationship mediated by NGOs Direct, personal relationship facilitated by NGOs Did not work for Danimal because NGOs too disorganized.

9.5 Global Innovation with data

Mondo Challenge <www.mondo.international>

  • 4 teams

  • 4 presentations

  • 1 topic: “Measuring Innovation: Find 5 indicators?

Data Science and Innovation

How is innovation measured?

  1. measure R&D spending

  2. measure the number of patents.

  3. directly question companies by questionnaire (Mairesse et Mohnen, 2002).

Top 10 emerging technologies

http://www3.weforum.org/docs/WEF_Top_10_Emerging_Technologies_2020.pdf

Structure and Performance

Innovation and market structures:

  1. Schumpeter (1939) -> monopoly

  2. Arrow (1962) -> competition

  3. and Stiglitz and Dasgupta (1981).

Relying on the invisible hand, competition is the driving force behind a process of discovery and innovation.

  • A useful extension of this process (Tushman and Anderson, 1986) is the one that identifies the creative destruction of Schumpeter (1939) by which the new one must destroy the old to emerge.

Only the first market structure makes it possible to make profits on innovation.

  • The competitive structure will push to make incremental innovations

  • Fethke and Birch (1982) add the dimension of risk.

  • The greater the risk of failure, the more firms invest in short-term projects.

An economic geography perspective

The REAL question focuses on the analysis of the countries and sectors that allow the creation of world leaders in R&D.

  • What are the countries of origin of the world leaders in R&D?

  • What are the key sectors?

  • Where are the Canadian companies?

  • Is Canada’s economic and regulatory infrastructure conducive to the development of Canadian R&D leaders?

How countries can help to improve the infrastructure that would enhance the degree of innovation within their economies and thus continue to be relevant in terms of comparative advantages.

  1. the country makes public expenditure in R&D

  2. the country subsidizes the R&D of its enterprises

  3. the country offers tax credits to its enterprises

The question now is: among the top 1,000 firms with the most important investment in R&D, where do they come from?

  • The leading countries are all part of the G20, which confirms the neoclassical premise that firms in developed countries are the ones most seeking to innovate.

  • The quality of institutions in developed countries and industrial policies are likely to be an asset for these companies.

9.6 Global Compact: Another Way to Evaluate the Project

Human Rights

  • Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
  • Principle 2: make sure that they are not complicit in human rights abuses.

Labour

  • Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
  • Principle 4: the elimination of all forms of forced and compulsory labour;
  • Principle 5: the effective abolition of child labour; and
  • Principle 6: the elimination of discrimination in respect of employment and occupation.

Environment

  • Principle 7: Businesses should support a precautionary approach to environmental challenges;
  • Principle 8: undertake initiatives to promote greater environmental responsibility; and
  • Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption

  • Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery

What Can MNCs Bring that Locals Cannot?

  1. Resources
  • Developing environmentally sustainable products and services requires significant research
  • Developing distribution channels and communication networks are expensive to develop and sustain
  1. Leverage
  • Unique global knowledge base not easily accessible to locals
  1. Bridging
  • Can be nodes for building infrastructures, providing access to knowledge, managerial imagination, and financial resources 4. Transfer:
  • Capacity to transfer to established markets because many of innovations can be adapted

Source: Prahalad and Hart (2002) “The Fortune at the Bottom of the Pyramid”

What MNCs Need to Do

  1. Build a local base of support
  • Empowering the poor = threatening existing power structure
  1. Form new alliances
  • With local firms and cooperatives, to improve credibility and secure access to resources
  • Allow MNCs to gain insights into developing countries’ culture and local edge
  • Improve their credibility
  1. Increase employment intensity
  • Opposite logic to developed markets

  1. Reinvent cost structures

  2. Conduct R&D focused on the poor

9.7 Frugal Innovation

9.8 Reverse Innovation

9.9 China’s pharmaceutical innovation

  • Charlotte Marie Vorreuther, Thierry Warin, Patent relatedness and velocity in the Chinese pharmaceutical industry: A dataset of Jaccard similarity indices, Data in Brief, Volume 35, 2021, 106814, ISSN 2352-3409, https://doi.org/10.1016/j.dib.2021.106814. Click here

https://warint.github.io/innovation_pharma_china/articles/Vignette.html

9.10 IRI, A Change in Paradigm

  • Following the same logic of considering finer levels of granularity, let’s rethink the measurement of innovation:

  • Usually, by country, we look at R&D spending, etc., and then we look at the level of innovation. In short, the classic criteria for measuring (proxy) innovation in a country are

  • A paradigm shift would be to look at the best companies in the world and rebuild these same measures from the “company” unit rather than the “country” unit. A country performance index could be reconstructed from the world’s leading companies in countries.

This is a paradigm shift because we are using the same concepts but they mean something completely different by changing the unit of data collection.

  • To look at the world’s leading companies, an R package called iriR has been created.

  • iriR’s objective is to provide an easy connection through the R language to the European Commission’s Industrial R&D Investment Scoreboard (IRI) while augmenting it in a couple of dimensions.

  • The yearly IRI Scoreboard for company-level data on innovation lists Research and Development investments made by the world’s 1,000 top investor companies. This scientific project is carried out within the Directorate B of Growth and Innovation, one of the seven scientific institutes of the European Commission’s Joint Research Centre (JRC).

  • The IRI Scoreboard aims at providing robust data and analyses on the contribution of private-sector R&D to sustainable competitiveness and “prosperity”. With iriR, we want to make the IRI Scoreboard’s data readily available. We have also compiled the yearly scoreboards through time to create a cross-section time-series dataset. Researchers and analysts have access to more than 7,500 innovative companies worldwide, which are or have been part of the top 1,000 innovative companies.

Evolution as regards R&D expenditures of the leading companies for the 2019 most represented countries

Number of leading companies in R&D for the most represented countries in 2019

Evolution as regards the number of leading companies in R&D for the 2019 most represented countries

BRICS (Brazil, Russia, India, China and South Africa)

  • In 2019, Chinese firms represent 92 % of the firms from the BRICS (Brazil, Russia, India, China and South Africa) in the top 2950 firms in the world in terms of R&D investments (Euro).

  • In the top 2950 firms, 548 are from the BRICS

    • China : 507
    • India : 32
    • Brazil : 6
    • South Africa : 2
    • Russia : 1
Country Rank Company R&D investments
China 5 HUAWEI INVESTEMENT & HOLDING CO 12,739,640,882€
China 28 ALIBABA GROUP HOLDING 4,770,802,053€
China 53 TENCENT 2,923,016,318€
China 71 SAIC MOTOR 2,029,128,095€
China 72 CHINA STATE CONSTRUCTION ENGINEERING 2,027,751,959€
China 73 BAIDU 2,010,019,767€
India 77 TATA MOTORS 1,957,398,901€
China 81 PETROCHINA 1,796,044,165€
China 84 CHINA RAILWAY 1,712,314,582€
China 100 CHINA RAILWAY CONSTRUCTION 1,474,734,502€
China 103 ZTE 1,460,051,493€
China 106 CRRC CHINA 1,424,678,994€
China 113 CHINA COMMUNICATIONS CONSTRUCTION 1,286,238,602€
China 120 MIDEA GROUP 1,250,311,436€
China 126 CTRIP.COM INTERNATIONAL 1,225,994,811€
China 131 POWER CONSTRUCTION CORPORATION OF CHINA 1,180,342,214€
China 147 BYD 1,046,443,792€
China 148 METALLURGICAL OF CHINA 1,043,720,605€
China 154 LENOVO 1,016,462,363€
China 156 CHINA PETROLEUM & CHEMICAL 1,013,930,843€
China 160 NETEASE 993,100,401€
China 170 GREE ELECTRICAL APPLIANCES 912,092,845€
China 177 MEITUAN DIANPING 896,010,023€
China 187 BOE TECHNOLOGY GROUP 838,037,876€
China 199 BAOSHAN IRON & STEEL 752,646,592€
China 206 TCL 722,714,886€
China 210 GEELY AUTOMOBILE 711,141,349€
China 217 HAIER SMART HOME 687,963,916€
China 219 XIAOMI 671,223,620€
China 225 SHANGHAI CONSTRUCTION 653,482,710€
China 234 GUANGZHOU AUTOMOBILE 623,023,800€
China 241 DONGFENG MOTOR 605,860,637€
China 257 HANGZHOU HIKVISION DIGITAL TECHNOLOGY 551,920,790€
China 268 BEIGENE 534,209,334€
China 269 WEICHAI POWER 533,285,507€
China 278 CHINA ENERGY ENGINEERING 510,226,924€
China 280 GREAT WALL MOTOR 503,955,136€
China 283 NIO 496,325,902€
China 290 SHANGHAI ELECTRIC 474,085,311€
China 292 SEMICONDUCTOR MANUFACTURING 471,012,860€
China 293 NINGBO JOYSON ELECTRONIC 466,860,308€
China 333 CHINA SHIPBUILDING 391,053,789€
China 340 SOHU.COM 385,293,253€
China 354 HBIS 371,995,496€
China 372 SANY HEAVY INDUSTRY 349,090,170€
China 377 TSINGHUA UNISPLENDOUR 343,660,943€
Brazil 397 VALE 325,764,026€
China 404 FOSUN INTERNATIONAL 317,281,849€
China 419 FIBERHOME TELECOMMUNICATIONS TECHNOLOGIES 304,763,208€
China 422 LUXSHARE PRECISION INDUSTRY 300,291,847€
China 423 BEIQI FOTON MOTOR 298,824,313€
China 426 BEIJING SHOUGANG 296,524,558€
China 427 CNOOC 294,519,127€
China 434 O-FILM TECH 286,526,638€
China 437 TECHTRONIC INDUSTRIES 285,634,788€
China 441 ZHEJIANG DAHUA TECHNOLOGY 283,333,512€
China 453 CHINA NATIONAL CHEMICAL ENGINEERING 276,298,900€
China 464 SHANXI TAIGANG STAINLESS STEEL 270,031,590€
China 475 CHINA GEZHOUBA 263,013,554€
Brazil 477 EMBRAER 262,707,289€
China 482 S.F. HOLDING 255,496,252€
China 485 ANHUI JIANGHUAI AUTOMOBILE 253,765,479€
China 491 SINO BIOPHARMACEUTICAL 250,032,338€
China 500 SICHUAN CHANGHONG ELECTRIC 246,281,794€
China 507 AVICHINA INDUSTRY & TECHNOLOGY 240,837,122€
China 508 INSPUR ELECTRONIC INFORMATION INDUSTRY 240,075,641€
India 510 SUN PHARMACEUTICAL INDUSTRIES 238,475,404€
China 520 NARI TECHNOLOGY 229,557,276€
China 526 KINGSOFT 225,384,107€
Brazil 540 PETROBRAS 217,467,138€
China 541 ZHENGZHOU YUTONG BUS 217,146,492€
China 544 58.COM 216,679,365€
China 546 SKYWORTH GROUP 215,122,582€
China 550 CHONGOING CHANGAN 214,600,255€
China 551 SINOPEC ENGINEERING 213,554,022€
China 559 IFLYTEK 209,830,150€
China 564 CGN POWER CO. 208,057,037€
China 585 CONTEMPORARY AMPEREX TECHNOLOGY 199,071,952€
China 587 CHONGQING SOKON INDUSTRY 197,885,630€
China 592 DONGFANG ELECTRIC 196,035,890€
China 597 NANJING IRON & STEEL 194,803,666€
China 603 TEBIAN ELECTRIC APPARATUS STOCK 193,286,197€
China 606 JIANGLING MOTORS 191,126,198€
China 614 SINA 188,845,318€
China 628 YONYOU SOFTWARE 183,801,462€
India 637 GLENMARK PHARMACEUTICALS 181,202,064€
India 641 MAHINDRA & MAHINDRA 180,235,253€
India 643 DR REDDY'S LABORATORIES 179,859,841€
China 646 ZHENGZHOU COAL MINING MACHINERY 179,629,905€
China 650 PERFECT WORLD 178,442,422€
China 651 WANHUA CHEMICAL GROUP 177,991,552€
India 653 LUPIN 177,873,912€
China 656 CSPC PHARMACEUTICAL 176,938,414€
China 657 SHANGHAI FOSUN PHARMACEUTICAL 176,551,409€
China 658 HANDSUN TECHNOLOGIES 176,441,607€
China 660 TSINGHUA TONGFANG 176,409,516€
China 663 SOGOU 176,191,176€
China 665 XINYU IRON & STEEL 175,843,569€
China 668 NINESTAR 174,193,469€
China 672 CHINA UNITED NETWORK COMMUNICATIONS 173,796,791€
China 675 LENS TECHNOLOGY 171,933,584€
China 676 CHINA TELECOM 170,900,108€
China 679 GOERTEK 170,041,911€
China 681 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS 169,728,960€
China 689 SHANGHAI TUNNEL ENGINEERING 167,069,048€
China 694 HENGTONG OPTIC ELECTRIC 166,489,436€
China 702 SUNNY OPTICAL TECHNOLOGY 163,852,167€
China 707 SHANGHAI PHARMACEUTICALS 162,572,992€
China 708 SGIS SONGSHAN 162,518,894€
China 709 AAC TECHNOLOGIES HOLDINGS 162,501,024€
China 713 CHINA RESOURCES PHARMACEUTICAL GROUP 162,183,122€
China 717 UNIVERSAL SCIENTIFIC INDUSTRIAL 161,473,613€
China 720 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY 159,714,116€
China 732 COUNTRY GARDEN HOLDINGS 155,989,360€
China 743 CHINA RAILWAY SIGNAL & COMMUNICATION 153,103,812€
China 747 HISENSE ELECTRIC 151,947,431€
China 748 YY 151,917,834€
China 754 TONGCHENG-ELONG HOLDINGS 150,929,774€
China 757 TPV TECHNOLOGY 150,549,268€
China 770 INNOVENT BIOLOGICS 146,655,614€
China 779 AUTOHOME 144,678,475€
China 786 TASLY PHARMACEUTICAL 142,951,960€
China 788 PINDUODUO 142,232,857€
China 791 TIANNENG POWER 142,008,049€
India 818 RELIANCE INDUSTRIES 136,524,794€
China 819 LINGYI ITECH (GUANGDONG) 136,319,569€
China 841 JIANGSU ZHONGTIAN TECHNOLOGIES 131,180,885€
China 854 HISENSE HOME APPLIANCES GROUP 128,451,321€
China 855 CHINA NATIONAL SOFTWARE & SERVICE 128,354,246€
China 859 CHINA INTERNATIONAL MARINE CONTAINERS 127,580,945€
China 861 DHC SOFTWARE 127,088,004€
China 866 MAANSHAN IRON & STEEL 126,961,830€
India 868 CIPLA 126,807,883€
China 869 AISINO 126,526,213€
China 876 SUNWODA ELECTRONICS 125,420,715€
China 900 ZHEJIANG HISUN PHARMACEUTICAL 121,087,256€
China 904 HAIMA AUTOMOBILE GROUP 120,628,143€
China 908 FUJIAN STAR NET COMMUNICATION 120,149,813€
China 914 HAN'S LASER TECHNOLOGY 119,241,863€
China 927 NETDRAGON WEBSOFT 117,616,105€
India 934 HCL TECHNOLOGIES 116,502,826€
China 937 NEUSOFT 116,070,931€
China 938 NAVINFO 115,833,194€
China 948 SHANDONG CHENMING PAPER 113,853,881€
China 951 KINGFA SCIENCE & TECHNOLOGY 113,454,924€
China 953 FUYAO GLASS GROUP INDUSTRIES 113,133,322€
China 955 CHAOWEI POWER 112,775,464€
China 965 HANERGY THIN FILM POWER GROUP 110,566,581€
China 972 CHINA SHENHUA ENERGY 109,600,367€
China 975 SINOPEC OILFIELD SERVICE 109,150,496€
China 976 HYTERA COMMUNICATIONS 109,026,143€
India 977 AUROBINDO PHARMA 108,920,757€
China 980 CHANGYOUCOM 108,441,866€
China 982 CSTONE PHARMACEUTICALS 108,231,510€
China 983 ZHEJIANG CHINT ELECTRICS 108,117,923€
India 988 TATA STEEL 107,268,945€
China 989 WINGTECH TECHNOLOGY 107,260,083€
China 994 SICHUAN KELUN PHARMACEUTICAL 106,829,142€
China 995 XIAMEN TUNGSTEN 106,822,534€
China 999 HANSOH PHARMACEUTICAL GROUP 106,218,941€
China 1000 CHINESE UNIVERSE PUBLISHING AND MEDIA 106,129,702€
China 1007 ZAI LAB 105,046,254€
China 1014 CHINA ZHONGWANG 104,189,550€
China 1017 SHENZHEN GOODIX TECHNOLOGY 103,611,893€
China 1031 NAURA TECHNOLOGY 101,452,178€
China 1034 GLODON 101,037,360€
China 1041 HENGLI PETROCHEMICAL 100,210,523€
China 1042 GIANT NETWORK GROUP 100,083,786€
China 1051 CHINASOFT 98,966,328€
China 1056 MICROPORT SCIENTIFIC 98,733,574€
China 1057 YINYI 98,717,154€
China 1061 GUANGZHOU SHIYUAN ELECTRONIC 98,465,739€
China 1063 TIANJIN ZHONGHUAN SEMICONDUCTOR 98,316,651€
China 1065 TIANDI SCIENCE & TECHNOLOGY 98,185,732€
China 1066 CHINA CSSC 98,165,098€
China 1067 SANSTEEL MINGUANG 97,933,704€
China 1070 CHINA NATIONAL NUCLEAR POWER 97,563,718€
China 1073 RONGSHENG PETRO CHEMICAL 97,233,655€
China 1076 CHINA HONGQIAO GROUP 96,964,337€
China 1077 CHINA NUCLEAR ENGINEERING 96,917,016€
China 1081 CHINA LESSO 96,637,447€
China 1083 MOMO 96,620,911€
India 1086 INFOSYS 96,230,583€
China 1091 CHINA SHIPBUILDING (GROUP POWER) 95,780,071€
China 1093 CHANGHONG MEILING 95,397,713€
China 1100 SANGFOR TECHNOLOGIES 94,831,576€
India 1103 CADILA HEALTHCARE 94,541,230€
China 1112 JOINCARE PHARMACEUTICAL GROUP INDUSTRY 93,381,829€
China 1134 TRAVELSKY TECHNOLOGY 90,553,608€
China 1142 HUMANWELL HEALTHCARE 89,916,531€
China 1143 SHENZHEN EVERWIN PRECISION TECHNOLOGY 89,909,484€
China 1147 LUXI CHEMICAL GROUP 89,493,004€
Brazil 1150 TOTVS 89,404,522€
China 1153 JIANGSU CHANGJIANG ELECTRONICS TECHNOLOGY 89,118,990€
China 1156 SUZHOU GOLD MANTIS CONSTRUCTION DECORATION 88,773,826€
China 1159 ZHEJIANG LONGSHENG 88,383,363€
China 1160 ZOTYE AUTOMOBILE 88,277,925€
China 1165 MLS 87,914,902€
China 1167 DAWNING INFORMATION INDUSTRY 87,859,773€
China 1173 CHINA XD ELECTRIC 87,183,220€
China 1183 SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY 86,256,749€
China 1192 MEITU 85,630,002€
China 1193 FAW CAR 85,562,807€
China 1194 CHINA GREATWALL 85,411,055€
China 1196 CHEETAH MOBILE 85,248,440€
China 1201 ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY 84,749,121€
China 1202 SHANGHAI WANGSU SCIENCE AND TECHNOLOGY 84,690,835€
China 1222 AVIC JONHON OPTRONIC TECHNOLOGY 82,635,086€
China 1227 SHENZHEN INOVANCE TECHNOLOGY 81,696,223€
China 1231 CHINA OILFIELD SERVICES 81,557,711€
China 1232 XIAMEN JINGLONG MOTOR 81,429,525€
China 1245 TCL MULTIMEDIA TECHNOLOGY HOLDINGS 80,523,441€
China 1249 TIANMA MICROELECTRONICS 80,274,315€
China 1252 ALUMINUM CORPORATION OF CHINA 79,890,129€
China 1261 XINFENGMING GROUP 79,188,740€
China 1262 HUADONG MEDICINE 79,008,514€
China 1264 ANTA SPORTS PRODUCTS 78,954,957€
China 1265 CHINA TRANSINFO TECHNOLOGY 78,934,425€
China 1268 AVIC AIRCRAFT 78,631,106€
China 1272 CSSC OFFSHORE & MARINE ENGINEERING 78,514,258€
China 1277 SINOCHEM INTERNATIONAL 78,258,957€
China 1279 KANGDE XIN COMPOSITE MATERIAL 78,100,078€
China 1283 BITAUTO 77,881,638€
China 1287 SHENZHEN KINGDOM SCI-TECH 77,722,664€
China 1289 CHANGYUAN 77,537,157€
China 1292 OPPEIN HOME GROUP 77,179,805€
China 1296 HUTCHISON CHINA MEDITECH 76,921,358€
China 1300 GUANGZHOU HAIGE COMMUNICATIONS 76,455,250€
China 1302 LIVZON PHARMACEUTICAL 76,362,346€
China 1312 ZHUZHOU TIMES NEW MATERIALS TECHNOLOGY 75,537,812€
China 1315 MINTH 75,268,562€
China 1326 ASIAINFO TECHNOLOGIES 74,513,084€
China 1330 TRULY INTERNATIONAL 74,255,056€
China 1332 CNOOC ENERGY TECHNOLOGY & SERVICES 74,183,595€
China 1337 ZHEJIANG BEIDA PHARMACEUTICAL 73,612,405€
China 1349 SUZHOU KEDA TECHNOLOGY 72,350,337€
China 1357 DONGXU OPTOELECTRONIC TECHNOLOGY 71,855,978€
China 1359 DAYIE SPECIAL STEEL 71,740,977€
China 1364 SHENZHEN SALUBRIS PHARMACEUTICALS 71,591,577€
China 1366 HOLITECH TECHNOLOGY 71,137,124€
China 1371 GUANGZHOU PHARMACEUTICAL 70,327,284€
China 1380 KAILE SCIENCE AND TECHNOLOGY 69,755,601€
China 1385 CHINA SINOMA INTERNATIONAL ENGINEERING 69,605,532€
China 1387 BEIJING VENUSTECH 69,499,119€
China 1390 LONKING HOLDINGS 69,392,708€
Brazil 1391 WEG 69,342,354€
China 1392 GUANGXI LIUGONG MACHINERY 69,325,982€
China 1395 SHANDONG BUCHANG PHARMACEUTICALS 69,140,226€
China 1398 LIFAN INDUSTRY 68,973,543€
China 1400 KINGENTA ECOLOGICAL ENGINEERING 68,832,102€
China 1402 SHANGHAI JUNSHI BIOSCIENCE 68,587,272€
China 1403 BILIBILI 68,498,700€
China 1404 PANGANG 68,408,224€
China 1411 GRIDSUM HOLDING 68,001,420€
China 1420 SHANYING INTERNATIONAL HOLDINGS 67,500,804€
China 1421 VTECH 67,423,546€
India 1422 ASHOK LEYLAND 67,421,474€
China 1430 XUNLEI 67,041,887€
China 1432 SHANGHAI ZHENHUA 67,032,394€
China 1433 SHENGYI TECHNOLOGY 66,954,489€
China 1436 ANHUI ZHONGDING SEALING PARTS 66,866,812€
China 1440 LUYE PHARMA 66,565,146€
India 1441 HINDALCO INDUSTRIES 66,471,682€
China 1442 WUHU SHUNRONG SANQI INTERACTIVE ENTERTAINMENT 66,458,312€
China 1443 GCL POLY ENERGY 66,453,761€
China 1444 TONGWEI 66,398,683€
China 1446 RAZER 66,271,581€
China 1452 HUNAN VALIN STEEL 65,798,458€
China 1459 VISIONOX TECHNOLOGY 65,421,628€
China 1462 DIGITAL CHINA 65,324,668€
China 1463 WENS FOODSTUFF GROUP 65,234,914€
China 1466 GENSCRIPT BIOTECH 64,695,163€
China 1477 KINGDEE INTERNATIONAL SOFTWARE 63,759,504€
China 1484 HUIZHOU DESAY SV AUTOMOTIVE 63,292,930€
China 1487 BEIJING SHIJI INFORMATION TECHNOLOGY 63,119,915€
China 1489 BEIJING DABEINONG TECHNOLOGY 63,006,367€
China 1493 SHANDONG LINGLONG TYRE 62,845,161€
China 1494 YANGTZE OPTICAL FIBRE AND CABLE JOINT STOCK 62,792,008€
China 1498 TONGFU MICROELECTRONICS 62,587,731€
China 1499 JIANGSU ZHONGLI GROUP 62,576,748€
China 1504 NINGBO HUAXIANG ELECTRONIC 62,407,811€
South Africa 1505 SASOL 62,388,827€
China 1509 TONGKUN 62,175,822€
China 1515 YOUZU INTERACTIVE 61,962,256€
China 1522 CHINA ALUMINUM INTERNATIONAL ENGINEERING 61,678,881€
China 1526 FOSHAN HAITIAN 61,302,534€
China 1528 XJ ELECTRIC 61,174,421€
China 1533 DIGITAL CHINA INFORMATION SERVICE 60,997,405€
China 1539 AECC AVIATION POWER 60,839,311€
China 1540 NANJING HUADONG ELECTRONICS INFORMATION TECHNOLOGY 60,834,515€
China 1546 SHANDONG SUNPAPER 60,579,743€
India 1548 BIOCON 60,466,343€
India 1550 UNITED PHOSPHORUS 60,191,041€
China 1552 KINGNET NETWORK 60,031,679€
China 1555 DONGFENG AUTOMOBILE 59,826,209€
China 1571 ZHEJIANG JUHUA 58,785,203€
India 1574 ALEMBIC PHARMACEUTICALS 58,581,775€
China 1580 SEA 58,123,114€
China 1582 OFFCN EDUCATION TECHNOLOGY 57,958,759€
China 1587 GUOXUAN HIGH-TECH 57,835,295€
China 1591 GUANGDONG HEC TECHNOLOGY HOLDING 57,545,384€
China 1592 SUNGROW POWER SUPPLY 57,475,353€
China 1595 WUXI TAIJI INDUSTRY LIMITED 57,332,079€
China 1598 CHINA AVIONICS SYSTEMS 56,925,538€
China 1607 BAOSHENG SCIENCE & TECHNOLOGY INNOVATION 56,451,536€
China 1614 ADAMA 56,316,364€
China 1618 OURPALM 56,226,513€
China 1619 SINOSOFT 56,013,052€
China 1620 INNER MONGOLIA YILI INDUSTRIAL 56,008,914€
India 1622 OIL & NATURAL GAS 55,974,665€
China 1633 ANHUI TRUCHUM ADVANCED MATERIALS AND TECHNOLOGY 55,571,016€
China 1638 LEPU MEDICAL TECHNOLOGY BEIJING 55,417,091€
China 1643 NEWLAND DIGITAL TECHNOLOGY 55,127,200€
China 1645 SINOMA SCIENCE & TECHNOLOGY 55,031,408€
China 1655 JANGHO GROUP 54,759,522€
China 1662 SUZHOU DONGSHAN PRECISION MANUFACTURING COPANY 54,502,369€
China 1667 XINGFA ALUMINIUM HOLDINGS 54,200,567€
China 1668 ZHEJIANG SATELLITE PETROCHEMICALS 54,164,609€
India 1670 INDIAN OIL 54,153,166€
China 1671 ADDSINO 54,114,154€
China 1672 SHANGHAI HUAYI GROUP 54,062,585€
China 1674 SHANGHAI HUAYI (GROUP) 54,004,716€
China 1681 GEM 53,647,850€
China 1687 WANXIANG QIANCHAO 53,368,070€
India 1691 ALKEM LABO 53,327,260€
China 1694 ZHEJIANG NHU 53,193,951€
China 1697 HANGZHOU SUNYARD SYSTEM ENGINEERING 52,907,530€
China 1703 ZHEJIANG DAILY DIGITAL CULTURE GROUP 52,719,378€
China 1708 FUJIAN LONGKING 52,552,313€
China 1711 HENGAN INTERNATIONAL GROUP 52,337,616€
China 1713 ZHEJIANG SANHUA 52,310,015€
India 1726 BAJAJ AUTO 51,697,972€
China 1734 XIANGTAN ELECTRIC MANUFACTURING 51,520,122€
China 1743 HAND ENTERPRISE SOLUTIONS 51,256,878€
China 1746 WEIFU HIGH-TECHNOLOGY GROUP 51,023,168€
China 1761 ZHEJIANG HUAHAI PHARMACEUTICAL 50,563,874€
China 1768 BLUESTAR ADISSEO 50,230,459€
China 1770 LINGYUN INDUSTRIAL 50,149,522€
China 1775 GOSUNCN TECHNOLOGY 49,977,218€
India 1780 TORRENT PHARMACEUTICALS 49,814,656€
China 1781 BEIJING THUNISOFT 49,790,955€
China 1782 INNER MONGOLIA FIRST MACHINERY 49,788,515€
China 1784 SHANGHAI FUDAN MICROELECTRONICS 49,775,389€
China 1788 SHANGHAI HIGHLY 49,569,986€
China 1790 SHENZHEN GRANDLAND GROUP 49,517,596€
China 1793 ANGANG STEEL 49,447,607€
China 1794 TIANJIN 712 COMMUNICATION & BROADCASTING 49,426,504€
India 1798 WIPRO 49,329,123€
India 1803 BHARAT HEAVY ELECTRICALS 49,157,685€
China 1804 ZIJIN MINING 49,123,611€
China 1805 SAURER INTELLIGENT TECHNOLOGY 49,109,885€
China 1807 BEIJING KUNLUN TECH 49,063,683€
China 1813 TIANSHUI HUATIAN TECHNOLOGY 48,875,646€
China 1816 BEIJING SIFANG AUTOMATION 48,700,260€
China 1821 HITHINK ROYALFLUSH INFORMATION NETWORK 48,518,282€
China 1822 SHENZHEN GONGJIN ELECTRONICS 48,500,074€
China 1825 CHENGDU DR PENG TELECOM&MEDIA 48,459,561€
China 1826 GANSU JIU STEEL GROUP HONG XING IRON & STEEL 48,443,181€
China 1827 CHINA AEROSPACE TIMES ELECTRONICS 48,316,217€
China 1831 AVIC ELECTROMECHANICAL SYSTEMS 48,183,379€
China 1842 TUNIU 47,913,967€
China 1843 LOMON BILLIONS GROUP 47,894,886€
China 1844 SHENZHEN MTC 47,880,057€
China 1846 DALIAN HUARUI HEAVY 47,819,595€
China 1850 KONKA 47,622,634€
China 1853 ANHUI HELI 47,531,243€
China 1856 ANHUI HENGYUAN COAL INDUSTRY AND ELECTRICITY POWER 47,449,157€
China 1861 ZHEJIANG SOUTHEAST SPACE FRAME 47,291,202€
China 1866 ZHEJIANG HUAYOU COBALT 47,153,261€
China 1874 AEROSPACE COMMUNICATIONS 46,961,973€
China 1879 STELLA INTERNATIONAL 46,786,875€
China 1883 DALIAN ZEUS ENTERTAINMENT 46,738,821€
China 1885 JINKOSOLAR 46,717,356€
China 1894 ZHEJIANG SEMIR GARMENT 46,428,499€
China 1895 EVE ENERGY 46,404,313€
China 1898 BEIJING ORIENT LANDSCAPE 46,384,321€
China 1903 XIWANG SPECIAL STEEL COMPANY 46,227,778€
China 1904 3SBIO 46,224,082€
China 1910 ACCELINK TECHNOLOGIES 46,085,330€
China 1911 XIZANG HAISCO PHARMACEUTICAL 46,058,207€
China 1919 TONGDA GROUP HOLDINGS 45,646,040€
China 1922 WUXI APPTEC 45,472,300€
India 1923 APOLLO TYRES 45,437,353€
China 1925 CHANGCHUN HIGH & NEW TECHNOLOGY INDUSTRIES 45,392,481€
China 1929 WASION GROUP HOLDINGS 45,301,018€
China 1933 SUZHOU VICTORY PRECISION MANUFACTURE 45,236,126€
China 1936 SHANDONG GOLD MINING 45,188,486€
Brazil 1943 BRASKEM 45,045,704€
China 1944 ZHONGSHAN BROAD OCEAN MOTOR 44,965,689€
China 1949 NANYANG TOPSEC TECHNOLOGIES 44,793,925€
China 1960 ZHEJIANG WANFENG AUTO WHEEL 44,605,065€
China 1969 FULLSHARE HOLDINGS 44,312,575€
China 1972 CHINA HIGH SPEED TRANSMISSION EQUIPMENT 44,224,385€
China 1974 CHINA TRADITIONAL CHINESE MEDICINE 44,163,723€
China 1975 WOLONG ELECTRIC 44,086,577€
China 1977 SHANGHAI PRIME MACHINERY 43,994,352€
China 1985 INSPUR SOFTWARE 43,803,961€
China 1989 BEIJING NEW BUILDING MATERIAL PUBLIC LIMITED 43,735,879€
China 2006 BEIJING SHUZHI TECHNOLOGY 43,220,059€
China 2007 CSG 43,176,427€
China 2008 FUJIAN FURI ELECTRONICS 43,176,109€
China 2009 BEIJINGWEST INDUSTRIES 43,123,502€
China 2011 SHANGHAI MODERN PHARMACEUTICAL 43,057,061€
China 2012 NINGBO SHANSHAN 43,036,597€
China 2016 GUANGDONG HOMA APPLIANCES 42,940,010€
China 2021 FORYOU 42,816,765€
China 2039 ZHEJIANG DUN AN ARTIFICIAL ENVIRONMENT EQUIPMENT 42,306,707€
China 2040 FIRST TRACTOR 42,290,208€
China 2045 CHINA BAOAN 42,113,906€
China 2050 UXIN 41,983,312€
China 2051 DOUYU INTERNATIONAL HOLDINGS 41,971,078€
China 2055 BEIJING SJ ENVIRONMENTAL PROTECTION AND NEW MATERIAL 41,885,896€
China 2061 HAIER ELECTRONICS 41,677,324€
China 2065 SHENZHEN CLOU ELECTRONICS 41,565,659€
China 2074 SIYUAN ELECTRIC 41,302,433€
China 2077 ZHEJIANG WANMA 41,130,671€
China 2088 SHIJIAZHUANG YILING PHARMACEUTICAL 40,802,401€
China 2093 PINGDINGSHAN TIANAN COAL MINING 40,414,181€
China 2097 SHENNAN CIRCUITS 40,187,761€
China 2102 SHANDONG NEW BEIYANG INFORMATION TECHNOLOGY 40,076,717€
China 2107 ALL WINNER TECHNOLOGY 39,793,344€
China 2108 LEXINFINTECH HOLDINGS 39,757,533€
China 2109 SILERGY 39,735,342€
China 2112 JIANGSU KANION PHARMACEUTICAL 39,667,291€
China 2115 ZHONGJI INNOLIGHT 39,518,812€
China 2117 SHANGHAI AEROSPACE AUTOMOBILE ELECTROMECHANICAL 39,501,123€
China 2122 COMBA TELECOM SYSTEMS HOLDINGS 39,363,720€
China 2123 GUANGDONG ADVERTISING GROUP 39,355,192€
Russia 2124 KAMAZ 39,324,208€
China 2132 BEIJING JOIN CHEER SOFTWARE 39,131,135€
China 2134 HUAPONT LIFE SCIENCE 39,105,577€
China 2135 SHENZHEN DESAY BATTERY TECHNOLOGY 39,072,148€
China 2136 QINGDAO TIANHUA INSTITUTE CHEMISTRY ENGINEERING 39,066,216€
China 2138 AVIC HELICOPTER CO. 38,987,427€
China 2141 YADEA GROUP HOLDINGS 38,926,992€
China 2150 FOCUSED PHOTONICS HANGSHOU 38,762,336€
China 2152 51 CREDIT CARD 38,738,377€
China 2154 CISEN PHARMACEUTICAL 38,729,000€
China 2160 INNER MONGOLIA JUNZHENG ENERGY & CHEMICAL GROUP 38,543,557€
India 2161 T V S MOTOR COMPANY 38,477,217€
India 2164 TATA CONSULTANCY SERVICES 38,292,013€
China 2165 GUIZHOU SPACE APPLIANCE 38,273,131€
China 2166 GUODIAN NANJING AUTOMATION 38,253,064€
China 2168 JIANGSU HOPERUN SOFTWARE 38,138,997€
China 2170 LONCIN MOTOR 38,106,188€
China 2171 HANGZHOU IRON & STEEL 38,097,945€
China 2173 SHANDONG WEIGAO GROUP MEDICAL POLYMER 38,096,832€
China 2175 GUODIAN TECHNOLOGY & ENVIRONMENT 38,069,305€
China 2176 HANGCHA 38,032,967€
China 2180 GOODBABY INTERNATIONAL 37,974,412€
China 2182 SHANGHAI 2345 NETWORK 37,960,214€
China 2184 HONGFA TECHNOLOGY 37,918,947€
China 2187 HANGZHOU SILAN MICROELECTRONICS 37,681,127€
China 2189 INESA INTELLIGENT TECH 37,637,867€
China 2204 HUA HONG SEMICONDUCTOR 37,295,177€
China 2209 AEOLUS TYRE 37,220,284€
China 2213 SHENZHEN YUTO PACKAGING TECHNOLOGY 37,189,957€
India 2216 STEEL AUTHORITY OF INDIA 37,148,258€
China 2222 ZHEJIANG COMMUNICATIONS TECHNOLOGY 37,051,310€
China 2224 PAX GLOBAL TECHNOLOGY 37,014,316€
China 2226 ZHEJIANG XINAN CHEMICAL INDUSTRIAL 37,003,055€
China 2228 BEIJING AOSAIKANG PHARMACEUTICAL 36,992,418€
China 2230 GUANGDONG HAID 36,970,509€
China 2233 SHANDONG JINCHENG PHARMACEUTICAL & CHEMICAL 36,889,662€
China 2235 LEYARD OPTOELECTRONIC 36,824,741€
China 2241 FUSHUN SPECIAL STEEL 36,651,572€
India 2247 HERO MOTOCORP 36,432,473€
India 2249 WOCKHARDT 36,397,435€
South Africa 2251 SAPPI 36,331,859€
China 2254 YGSOFT 36,311,377€
China 2256 JINAN SHENGQUAN GROUP 36,229,917€
China 2262 INSIGMA TECHNOLOGY 36,048,714€
China 2264 CHANGJIANG & JINGGONG STEEL BUILDING (GROUP) 36,029,243€
China 2265 BRIGHT OCEANS INTER TELECOM 36,016,587€
China 2266 MTR 36,009,181€
China 2269 HI SUN TECHNOLOGY CHINA 35,981,533€
China 2273 RAISECOM TECHNOLOGY 35,914,903€
China 2283 G-BITS NETWORK TECHNOLOGY 35,669,525€
China 2285 HANGZHOU ROBAM APPLIANCES 35,646,859€
China 2289 SHENZHEN TECHAND ECOLOGY & ENVIRONMENT 35,525,113€
China 2293 CRYSTAL INTERNATIONAL GROUP 35,492,558€
China 2295 LU THAI TEXTILE 35,470,498€
China 2303 ZHEJIANG MEDICINE 35,218,198€
China 2307 WUXI LEAD INTELLIGENT EQUIPMENT 35,158,021€
China 2310 ALPHA GROUP 35,066,923€
China 2311 BILLION INDUSTRIAL 35,038,345€
China 2312 GUANGZHOU DEVELOPMENT GROUP 35,016,202€
China 2314 CHANGHONG HUAYI COMPRESSOR 35,010,203€
China 2315 TIANJIN DEVELOPMENT HOLDINGS 35,004,491€
China 2316 YUNNAN NANTIAN ELECTRONICS INFORMATION 34,969,682€
China 2317 CPT TECHNOLOGY (GROUP) 34,966,184€
China 2320 LAKALA PAYMENT 34,843,741€
China 2322 HEBEI SITONG NEW METAL MATERIAL 34,819,998€
China 2327 HYLINK DIGITAL SOLUTION 34,654,760€
China 2331 ZHEJIANG TRANSFAR 34,571,540€
China 2334 BEIJING ORIGINWATER TECHNOLOGY 34,502,447€
China 2340 ZIBO QIXIANG TENGDA CHEMICAL 34,425,064€
China 2342 AEROSPACE HI TECH 34,351,389€
China 2346 HUA MEDICINE 34,290,259€
China 2351 SHENZHEN SUNWAY COMMUNICATION 34,225,487€
China 2353 HONGRUN CONSTRUCTION 34,096,368€
China 2354 QUTOUTIAO 34,010,364€
China 2359 Q TECHNOLOGY (GROUP) 33,924,882€
China 2363 GUANGDONG XINBAO ELECTRICAL APPLIANCES 33,902,665€
China 2364 GUANGDONG HONGTU TECHNOLOGY 33,821,712€
China 2365 ANGEL YEAST 33,807,585€
China 2377 SUMEC 33,554,270€
China 2378 HUAMI 33,545,359€
China 2380 HENGYI PETROCHEMICAL 33,462,654€
China 2382 JOYOUNG 33,441,945€
China 2392 BGI GENOMICS 33,252,241€
China 2397 BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY 33,155,677€
China 2401 SHANGHAI EAST CHINA COMPUTER 33,080,157€
China 2405 NINGBO SANXING MEDICAL ELECTRIC 32,989,266€
China 2411 LIUZHOU IRON & STEEL 32,770,998€
China 2412 QINGDAO TOPSCOMM COMMUNICATION 32,766,069€
China 2416 NINGBO TUOPU GROUP 32,612,885€
China 2423 CHINA FIRST HEAVY INDUSTRIES 32,474,313€
China 2424 HUAGONG TECH 32,470,234€
China 2433 GUANGZHOU KINGMED DIAGNOSTICS 32,311,110€
China 2437 UNITED LABORATORIES INTERNATIONAL HOLDINGS 32,255,515€
China 2439 HENAN ZHONGFU INDUSTRY 32,210,434€
China 2440 ZHUZHOU KIBING 32,192,769€
China 2441 THUNDER SOFTWARE TECHNOLOGY 32,168,355€
China 2443 SICHUAN JIUZHOU ELECTRIC 32,131,514€
China 2444 GUANGDONG JANUS INTELLIGENT GROUP 32,106,638€
China 2448 SICHUAN ROAD & BRIDGE 32,012,128€
China 2449 HOLLYSYS AUTOMATION TECHNOLOGIES 31,969,416€
China 2451 CHINA MOLYBDENUM 31,893,197€
China 2454 NETPOSA TECHNOLOGIES 31,838,050€
India 2455 AJANTA PHARMA 31,822,415€
China 2456 XIAMEN MEIYA PICO INFORMATION 31,800,850€
China 2459 INFORE ENVIRONMENT TECHNOLOGY GROUP 31,758,364€
China 2460 HANGZHOU STEAM TURBINE 31,753,045€
China 2462 XINXING DUCTILE IRON PIPES 31,697,744€
China 2463 WUHAN GUIDE INFRARED 31,685,044€
China 2464 SIHUAN PHARMACEUTICAL 31,611,167€
China 2466 NSFOCUS INFORMATION TECHNOLOGY 31,605,363€
China 2467 SUNING.COM 31,590,394€
China 2470 BEIJING SUPERMAP SOFTWARE 31,500,576€
China 2479 NANJING KANGNI MECHANICAL AND ELECTRICAL 31,171,128€
China 2480 ANHUI HONGLU STEEL CONSTRUCTION 31,104,059€
China 2481 HENGDIAN GROUP DMEGC MAGNETICS 31,055,082€
China 2488 SHANGHAI SHENDA 30,915,280€
China 2493 OPPLE LIGHTING 30,852,538€
China 2494 ZHEJIANG JINGXIN PHARMACEUTICAL 30,843,455€
China 2497 CHUNGHSIN TECHNOLOGY GROUP 30,765,204€
China 2500 JIANPU TECHNOLOGY 30,748,000€

Emerging Markets Multinationals (EMMs)

Three capabilities we can expect from EMMs:

  • Managing a broad range of risks with relative ease
  • Mastering the art of improvisation
  • Keen sense of local culture

Multinationals from emerging markets create a new set of questions for academics and practitioners alike: how do they differ from multinationals from developed economies and what will be the impact on the global landscape?

The ratio of net sales / R&D investment per total R&D investment places 3 EMMs (Brazil, Malaysia and South Africa) in the top 5.

9.11 Canadian businesses’ position among the leaders in R&D

Evolution as regards the number of leading companies in R&D for the 2019 most represented countries and Canada

Evolution as regards the number of leading companies in R&D & the total of their R&D investments (in millions of $US)

Evolution as regards the percentage of R&D investments mmade by companies in Canada in the total R&D investments

Net sales/R&D investment ratio per total R&D investment for the 2019 most represented countries and Canada

Evolution as regards the R&D per employee in $US

9.12 References

  • Chesney, R., & Citron, D. K. (2019). Deepfakes and the New Disinformation War: The Coming Age of Post-Truth Geopolitics. Foreign Affairs.
  • Howard, P. N., Ganesh, B., Liotsiou, D., Kelly, J., & Francois, C. (2018). The IRA, Social Media and Political Polarization in the United States, 2012-2018. Oxford Internet Institute.
  • Kharraz, A., Arshad, S., Mulliner, C., Robertson, W., & Kirda, E. (2018). Understanding the WannaCry Ransomware: Execution, Propagation, and Attempted Mitigation. Proceedings of the 2018 ACM SIGSAC Conference on Computer and Communications Security.
  • Rid, T. (2020). Active Measures: The Secret History of Disinformation and Political Warfare. Farrar, Straus and Giroux.
  • Segal, A. (2018). The Hacked World Order: How Nations Fight, Trade, Maneuver, and Manipulate in the Digital Age. PublicAffairs.
  • Walker, C., & Ludwig, J. (2017). The Meaning of Sharp Power: How Authoritarian States Project Influence. Journal of Democracy, 29(3), 9-23.
  • Warin, T. (2024). Disinformation in the Digital Age: Impacts on Democracy and Strategies for Mitigation (2024PR-03, Pour réflexion, CIRANO.) https://doi.org/10.54932/GQWB1497