Top 10 Shanghai Brands to focus on modern services

Indigenous leading brands in Shanghai are gradually shifting from traditional consumption goods to modern service and high-end manufacturing, according to a newly-released list .

Six of the city's top 10 homegrown brands fall in the service sector, with three other firms in high-end manufacturing, according to the Top 10 Shanghai Brands compiled by Shanghai Brand Development Research Center in April.

Only Shanghai Lao Fengxiang Co Ltd, a jewelry maker founded in 1848, belongs to the traditional industry that entails foodstuffs, clothing and industrial manufacturing.

The results go in line with the city's systematic transformation into a high value economy and a long-term vision to gain an international reputation.

China UnionPay Co Ltd, the country's largest bankcard payment processor, topped the list. The Shanghai-headquartered, State-owned enterprise, has issued more than 16 million cards abroad, and plans to significantly increase its global footprint from the current 141 countries and regions.

The bankcard association was followed by China Eastern Airlines Co Ltd, a national carrier based in Shanghai with its fleet covering 187 countries and regions. Its overseas efforts have paid off as more than 47 percent of the airline's revenue now comes from international routes.

Among high-end manufacturers, Shanghai Electric Group Co, China's largest equipment producer by revenue, has long embarked on high efficient clean energy and new energy equipment.

Shanghai Zhenhua Heavy Industries Co Ltd, or ZPMC, has aimed at producing high-caliber products and continued diversification of its portfolio to ride out gloomy international demand for shipbuilding and other infrastructure projects.

The list also comes in tandem with top 10 local entrepreneurs. Wang Zongnan, chairman of Bright Food Group Co, and Liu Jiaping, head of Shanghai Caohejing Hi-Tech Park, represent the only two company executives from SOEs. The rest run a wide range of private businesses from catering, cosmetics to information technology.