FRIDAY 19 JUNE 2020 FT SERIES

Coronavirus economic impact Prospering in the pandemic: the top 100 companies The first in an FT series on corporate resilience in a year of human and economic devastation

In a dismal year for single day in April, up from 20m drawing more users into an most companies, a 1. Amazon in late 2019. ever-expanding ecosystem of minority have shone: wearables and services. pharmaceutical groups SECTOR: ECOMMERCE Apple executives predicted boosted by their hunt HQ: SEATTLE, US $269.9bn sales of some items would even for a Covid-19 vaccine; MARKET CAP ADDED accelerate, as millions of technology giants buoyed Key stat: Amazon anticipates consumers working from home by the trend for working it could spend $4bn to keep its Microsoft’s shift to the cloud would opt to upgrade their from home; and retailers logistics running during the under Satya Nadella has left it electronics. Investors crowned offering lockdown coronavirus crisis. well-placed for a world where Apple the first $1.5tn company. necessities online. large numbers of people are Patrick McGee in San Francisco Public companies working remotely. The Teams had the tailwind of a $401.1bn communication app has MARKET CAP ADDED become a way for workers to surprisingly robust stock stay in touch. The Azure cloud 4. Tesla market — which many As world leaders ordered their computing platform has become believe is a bubble. citizens indoors, Amazon became a more critical part of the digital SECTOR: AUTOS To rank companies the emergency port of call for backbone for many companies. HQ: PALO ALTO, US that prospered in the those desperate to stock up Microsoft even has a way to pandemic, we have on vital household goods — a satisfy the personal: a record Key stat: 402 miles: the chosen to look at equity rush that led the company to 90m players turned to the range of Tesla’s latest Model S, value added. Later in temporarily shut its warehouses Xbox Live gaming service in underscoring its technological the series, we will look to “non-essential” products. April. Richard Waters in San lead. at an alternative gauge Record revenues followed, but Francisco of success, as well as the also soaring costs. Chief executive Jeff Bezos warned as much $108.4bn big corporate losers and MARKET CAP ADDED four thematic winners: as $4bn could be spent on virus 3. Apple mitigation, such as testing pharma, cloud computing, SECTOR: TECHNOLOGY The clear technology leader for ecommerce and gaming. labs and thermal cameras — HQ: CUPERTINO, US potentially pushing Amazon battery-powered cars, Tesla is outpacing legacy competitors as Tom Braithwaite into its first quarterly loss since 2015. Still, the accelerated shift Key stat: The iPhone maker they struggle to retool factories to online shopping and the managed to rake in $58.3bn in and perfect software. Meanwhile, increased importance of its cloud revenue in the March quarter, chief executive Elon Musk is computing business in the remote despite closing all of its retail promising to upend the entire work era drove Amazon’s stock stores. model of car ownership with to all-time highs. Dave Lee in San fleets of self-driving robotaxis Francisco. that would charge by the mile. $219.1bn Still, even Mr Musk said on MARKET CAP ADDED Twitter, on May 1, that the “Tesla stock price is too high”. Since 2. Microsoft While all of Apple’s 500 stores then it has climbedeven higher. around the world were forced to Patrick McGee SECTOR: TECHNOLOGY close, revenues in the opening HQ: REDMOND, US quarter were resilient thanks to robust online sales. Apple Key stat: 75m people used the managed to release a new Teams communication app in a iPhone, iMac and MacBook Air,

© THE FINANCIAL TIMES LIMITED 2020 from employees for failing to early in the crisis, after touching flag incendiary or misleading bottom in late March. The Google 5. Tencent statements from US President cloud computing platform, Meet 11. Pinduoduo SECTOR: TECHNOLOGY Donald Trump. Hannah Murphy in video app and Play app store SECTOR: ECOMMERCE HQ: SHENZHEN, CHINA San Francisco have benefited from the shift of HQ: SHANGHAI, CHINA work and entertainment online. Key stat: Online gaming Richard Waters Key stat: Shoppers on its revenues rose 31 per cent in the platform increased to 628m. first quarter 7. Nvidia SECTOR: TECHNOLOGY 9. PayPal $55.2bn HQ: SANTA CLARA, US MARKET CAP ADDED $93bn SECTOR: PAYMENTS MARKET CAP ADDED HQ: SAN JOSE, US Key stat: Hours spent playing The ecommerce group benefited Chinese people isolated at home games on Nvidia’s platforms as hundreds of millions of turned to Tencent’s virtual Key stat: 7.4m — net new users Chinese turned to shopping from jumped 50 per cent during in April. worlds. In its hit games such as lockdowns. their smartphones rather than Honor of Kings, users shelled going to malls. As demand rose out for new weapons and outfits. for its ultra-cheap goods, the Tencent’s video subscriber $83.3bn $65.4bn total value of transactions over numbers swelled to 112m, its MARKET CAP ADDED MARKET CAP ADDED its platform soared and revenues music streamers jumped to were up 44 per cent in the first 43m and monthly users of its Nvidia’s graphics chips have The pioneer of online payments quarter. Its annual shopper count social media app WeChat — become a mainstay of gaming has found increased relevance is fast approaching the 726m who indispensable for buying noodles machines and machine in the real-world pandemic, shop with its chief rival Alibaba. and verifying users’ health during learning systems, insulating the rolling out new capabilities for Ryan McMorrow the coronavirus period — hit company from the worst of the merchants to handle contactless 1.2bn. In a global spending spree, downturn. Sales of gaming chips payments in physical stores. Tencent has exploited falling were dented by the closure of PayPal facilitated the transfer of valuations: it recently acquired internet cafés in China, while more than $1bn in federal loans 12. Netflix Norwegian game developer the automotive industry, a big as part of the US Small Business SECTOR: MEDIA Administration’s Paycheck Funcom, took a stake in German customer, has experienced a HQ: LOS GATOS, US developer Yager, and poured collapse in sales. But Nvidia’s Protection Program. Its money capital into an array of fintech business has been helped by transfer app Venmo was popular, pre-coronavirus, for friends Key stat: 183m global start-ups. Ryan McMorrow in the growing importance of subscribers by the end of Q1, a 23 Beijing ecommerce in selling new settling dinner bills. Now, the graphics cards, along with a company says, it is witnessing per cent jump from a year earlier. shift towards online gaming. It larger, cross-generational has also been riding a boom in transfers — such as socially- $55.1bn 6. Facebook demand for data centre chips distanced withdrawals from the MARKET CAP ADDED Bank of Mum and Dad — and SECTOR: TECHNOLOGY from big internet companies, as Netflix added twice as many AI becomes a more important increased usage for paying for HQ: MENLO PARK, US subscribers as it had forecast component of their services and goods and services that might in the first three months of overall digital activity jumps. otherwise have been paid for with the year, as the largest paid Key stat: 39 per cent — the rise in Richard Waters cash. Dave Lee advertising impressions at Facebook streaming service entertained in the first quarter of the year. global lockdown audiences with shows such as Tiger King, La Casa de Papel and Love is $85.7bn 8. Alphabet 10. T-Mobile Blind. The biggest boost came MARKET CAP ADDED SECTOR: TECHNOLOGY SECTOR: TELECOMMUNICATIONS from Europe, the Middle East HQ: MOUNTAIN VIEW, US HQ: BELLEVUE, US and Africa, where it signed up Knocks to Facebook’s nearly 7m subscribers in the advertising business during Key stat: Even as advertising Key stat: T-Mobile added first quarter. The company is the pandemic have been offset collapsed at the end of March, 452,000 postpaid phone enjoying a “perfect storm”, said by its 2.6bn entertainment- YouTube’s revenue was still subscribers in the first quarter. Michael Nathanson, analyst at starved users spending more growing nearly 10 per cent. MoffettNathanson. “The longer time on the platform. Small the current situation lasts, the business advertisers slashed $59.7bn bigger the benefit to Netflix.” their marketing budgets. $68.1bn MARKET CAP ADDED Anna Nicolaou But Facebook’s engagement MARKET CAP ADDED levels exploded, increasing its The US wireless company advertising impressions. The Given that online advertising benefited from the twin forces of company has launched new video went into sharp decline as the lockdowns, which made people 13. Meituan chat and livestream features, crisis unfolded, early signs more dependent on their phones as well as an ecommerce play suggest Alphabet has shown for connection, and the closing of Dianping to rival Amazon, known as surprising resilience. Sectors such its long-awaited merger with rival SECTOR: ECOMMERCE Facebook Shops. However, as travel and local services may Sprint. The deal made T-Mobile HQ: BEIJING, CHINA its content moderation have dried up, but in other areas the third-largest player in the US capabilities have been stretched Google — which supplies virtually telecoms market, trailing AT&T Key stat: Food delivery orders by coronavirus-related all Alphabet’s revenue — has and Verizon, and is expected to had bounced back to 90 per cent misinformation and conspiracy reported that demand is holding give the big phone companies of their prepandemic level by theories. Chief executive Mark up better than expected. Search more pricing power. Anna mid-May. Zuckerberg has come under fire advertising appeared to stabilise Nicolaou in New York The video conferencing company After becoming the first big world of social distancing, sales $53.6bn has come to symbolise the software company to shift its would suffer. But as plastic MARKET CAP ADDED work-from-home boom of 2020, business to the cloud, switching surgeons reopen, analysts believe making its fake digital backdrops one-off product sales for more Botox sales will almost be back China’s “everything app” was hit a cultural touchstone of the reliable subscription income, to normal by the middle of the hard by the country’s lockdown, coronavirus crisis. Opening Adobe has experienced barely third quarter. Despite losing which closed many of the its business-focused app to any interruption from the patent protection on its anti- restaurants it partnered with to a wide group of non-paying pandemic. It has also been inflammatory Humira — the deliver meals — its largest chunk consumers and educational well-positioned for the world bestselling drug in the world — in of business — as it swung to a institutions brought challenges, of remote work. By the end of the US by 2023, the prospects loss in the first quarter. But by but also helped turn Zoom into April it had reported an across- for four other drugs, including May, executives were upbeat as a household name. Wider usage the-board jump in activity on in oncology and for psoriasis, food delivery and travel booking brought attention to its security its cloud services for content have enticed investors to a stock recovered. Analysts said that lapses and while some prominent creation — which have grown out with “stable growth” and a good high-end restaurants, which were companies warned their staff not of products such as Photoshop dividend yield. Hannah Kuchler in afraid of “cannibalisation” and to use it, the controversy did little — as well as workflow tools New York “bad user experience”, had no to hurt business. By the end of based around digital documents. choice but to turn to the platform April, the number of medium and Richard Waters for deliveries. Its average ticket larger companies using Zoom was price climbed 14 per cent in the up more than three-fold from a 20. Kweichow first quarter and many riders year before, while revenue soared began delivering to set spots in 169 per cent. Richard Waters 18. Audi Moutai apartment buildings, saving SECTOR: AUTOS SECTOR: BEVERAGES them time and improving their *This article has been amended to clarify that HQ: ZUNYI, CHINA efficiency. Ryan McMorrow Zoom calls attracted 300m “participants” in HQ: INGOLSTADT, GERMANY a day, which can include multiple calls from a single user Key stat: €4.6bn — Audi’s Key stat: Consistently maintains operating profit in 2019, the a profit margin above 90 per 14. Shopify largest of VW’s 12 marques. cent. SECTOR: ECOMMERCE 16. JD.com HQ: OTTAWA, CANADA SECTOR: ECOMMERCE $37.8bn $35.5bn HQ: BEIJING, CHINA MARKET CAP ADDED MARKET CAP ADDED Key stat: 62 per cent more new Kweichow Moutai, maker of Shopify stores were created from Covid-19 hit the so-called Four Key stat: Revenues jumped 21 Rings hard, bringing its usually China’s best-known distilled March 13 to April 24 than the per cent in the first quarter. spirit, seems well positioned previous six weeks as locked-down healthy profit margins down to almost zero in the first three to benefit from the reopening retailers rushed online. months of 2020. But for investors of the Chinese economy. While $44.3bn with their hands on the 0.36 per the spirit serves as a lubricant MARKET CAP ADDED cent of publicly-traded Audi for business deals, a shortage $51.4bn of supply is giving an extra MARKET CAP ADDED When China’s lockdown hit in stock, the past few months have been something of a bonanza. boost. The distiller increased late January, JD.com was the annual output by a mere 30 per Shopify overtook eBay to become only ecommerce player reliably Trading at €800 at the start the second-biggest ecommerce of the year, the shares have cent from 2014 to 2019 even delivering packages. Its red, though China’s high-net-worth group after Amazon by US three-wheeled delivery carts been on a meteoric rise since market share last year, processing February, when parent company population, Moutai’s main remained on city streets as those consumer, more than doubled $61bn worth of merchandise ferrying goods on behalf of its VW announced it would buy out globally. The pandemic remaining stakeholders. In mid- over the same period. Sun Yu in rivals Alibaba and Pinduoduo Beijing accelerated shopping’s shift struggled to find couriers. Its June, VW confirmed it would online, with Shopify among the shares jumped almost 6 per cent pay €1,551.53 per outstanding prime beneficiaries — doubling on its trading debut in Hong Kong share, subject to approval at the its valuation since the start of on June 18, the same day as its company’s next AGM. Joe Miller in 21. Chugai 2020. Start-ups such as Allbirds annual shopping bonanza, as it Frankfurt shoes and global groups including raised nearly $4bn in the second- Pharmaceutical Heinz are among hundreds of largest share sale globally this SECTOR: PHARMACEUTICALS thousands of brands using its year. Ryan McMorrow software and services to sell 19. AbbVie HQ: TOKYO, JAPAN directly to customers — cutting SECTOR: PHARMACEUTICALS out middlemen such as Amazon. HQ: CHICAGO, US Key stat: Global Hemlibra sales Tim Bradshaw in London 17. Adobe surged 146 per cent during the first quarter. SECTOR: SOFTWARE Key stat: Received regulatory 15. Zoom Video HQ: SAN JOSE, US clearance for its $63bn deal for Allergan in May. $33.9bn SECTOR: TECHNOLOGY Key stat: The number of PDF MARKET CAP ADDED HQ: SAN JOSE, US documents shared using Adobe’s $37.7bn software rose 50 per cent MARKET CAP ADDED The Japanese unit of Switzerland- Key stat: Zoom video calls compared with same quarter a based Roche is the producer reached 300m participants a year ago. Botox was one of the key reasons of rheumatoid arthritis drug day* in April. for AbbVie wanting to buy actemra, which is being trialled Allergan — securing solid cash in the US and Japan as a potential $40.1bn flow from the cosmetic treatment. treatment for critically ill $47.9bn coronavirus patients. However, MARKET CAP ADDED MARKET CAP ADDED There were concerns that in a the pandemic is not the only Key stat: 100 per cent sensitivity Key stat: 80 per cent of revenue catalyst for the sharp rally — or the real number of positives comes from repeat subscriptions in its shares. Chugai’s profits 24. The Home Roche claims its own antibody paid by large companies. rose 57 per cent in the first Depot test can detect 14 days after a quarter on expanding sales of positive PCR test. its haemophilia blockbuster SECTOR: RETAIL $23.1bn Hemlibra, which has catapulted HQ: ATLANTA, US MARKET CAP ADDED the company into becoming $27.1bn Japan’s most valuable drugmaker. Key stat: Like-for-like sales rose MARKET CAP ADDED As a platform for automating Kana Inagaki in Tokyo in 11 of The Home Depot’s 14 back-room processes, ServiceNow departments in the first quarter. Roche, which is one of the stands to benefit from the greater diagnostics “Big Four”, has also pressure many companies feel benefited from the rollout of to boost worker productivity 22. Alibaba Group $31.5bn its tests for coronavirus, which and improve the overall SECTOR: ECOMMERCE / HQ: MARKET CAP ADDED check for current and recent efficiency of their operations. HANGZHOU, CHINA signs of infection through a It also has a stable revenue While much of the retail sector process known as PCR and by base and guaranteed pipeline Key stat: Alibaba’s cloud unit has struggled with forced store checking for antibodies. Its high- of new business in the years grew 57 per cent in the first closures and a drop in consumer throughput machines are used ahead, thanks to its use by big quarter. spending, The Home Depot is to quickly process hundreds of companies that pay regular among a select group whose tests. The Swiss drugmaker is also subscriptions, and which are sales have jumped in the crisis. testing actemra, an arthritis drug, mostly at an early stage in $32.8bn US authorities allowed the against Covid-19, both on its own applying the technology across MARKET CAP ADDED company’s megastores to remain and in combination with Gilead’s their organisations. Richard open throughout the pandemic remdesivir. Donato Paolo Mancini Waters China’s ecommerce giant because much of the equipment in London experienced stagnating sales at they stock, such as water heaters, its core Tmall and Taobao online refrigerators and electrical and marketplaces in the first quarter plumbing gear, make them 29. Regeneron under the strain of undermanned 27. Prosus lifelines in home emergencies. Pharmaceuticals courier partners. However, Americans have also been SECTOR: INTERNET other business units such as upgrading their living space, HQ: AMSTERDAM, SECTOR: PHARMACEUTICALS cloud computing and bricks and buying more furniture, decor and NETHERLANDS HQ: NEW YORK, US mortar grocery helped it achieve lighting, while undertaking more 22 per cent year-on-year sales DIY projects, boosting demand for Key stat: $8bn — the cash and Key stat: Shares have risen more growth. Now, with couriers back tools and materials. Alistair Gray than one-third since February. at their posts and its millions debt available for Naspers’ of merchants back at their international investment vehicle keyboards, the Hangzhou-based to make deals. $20.1bn company is expected to fully 25. ASML MARKET CAP ADDED reap the rewards of coronavirus- induced caution. Ryan McMorrow SECTOR: TECHNOLOGY $24.6bn Regeneron is working on HQ: VELDHOVEN, MARKET CAP ADDED repurposing an existing drug NETHERLANDS and developing a new antibody While it has long been the good cocktail for Covid-19. Studies 23. Sea Group Key stat: ASML’s R&D expenses fortune of the South African using Kevzara, an anti- SECTOR: TECHNOLOGY for the first quarter of 2020 were internet group Naspers to own inflammatory, to target the HQ: SINGAPORE €544m, a year-on- year increase 31 per cent of China’s Tencent, overactive immune response of of 15 per cent exposure to the Fortnite-to- some patients Key stat: Sea’s self-developed WeChat giant paid off again produced disappointing early global game Free Fire hit a this year. It has led to a surge of results but the trial is being record of more than 80m daily $27.3bn one-third in the share price of changed to focus only on patients active users in the first quarter MARKET CAP ADDED Prosus, the company’s European with the most severe disease. of 2020. investment vehicle that is waving Hannah Kuchler The Dutch giant’s dominance in the cheque book for deals in photolithography for chipmaking the post-coronavirus world. has helped it weather Covid-19 Prosus, which houses the Tencent $31.8bn stake and other assets to make 30. Alibaba Health MARKET CAP ADDED disruptions. Its advances in the use of extreme ultraviolet light up Europe’s biggest consumer internet group, already has globe- Information South-east Asia’s biggest listed means ASML’s machines can spanning businesses in sectors SECTOR: HEALTHCARE technology company benefited etch a greater number of circuits that could benefit if the pandemic from drawing the bulk of its per chip — key for advances in HQ: HONG KONG, CHINA does inspire a greater digital revenue from two coronavirus- the “internet of things”, AI and proof sectors: gaming and 5G communications. Siddharth shift, such as food delivery and Key stat: Shares are up 129 per ecommerce. Demand for its Venkataramakrishnan in online education. Joseph Cotterill cent so far in 2020. hit game Free Fire surged in London in Johannesburg the March quarter while a consumer shift to digital channels $20.1bn boosted sales for its lossmaking MARKET CAP ADDED ecommerce business in south- 26. Roche 28. ServiceNow east Asia and Taiwan. Mercedes SECTOR: PHARMACEUTICALS SECTOR: CLOUD SOFTWARE A Hong Kong-listed company Ruehl in Singapore. HQ: BASEL, SWITZERLAND HQ: SANTA CLARA, US controlled by Jack Ma, it focuses on pharmaceutical As the pioneer of cloud-based Dexcom makes a type of blood ecommerce and operates China’s software applications for sugar monitor that continuously drug product identification, businesses, Salesforce could be 36. Moderna checks patients’ glucose levels authentication and tracking lifted by the greater urgency SECTOR: PHARMACEUTICALS — a product that may have system. The company benefited for companies to digitise their HQ: CAMBRIDGE, US pushed the stock higher as the from providing internet medical operations. The crisis has dented coronavirus crisis has increased services during the Covid-19 its growth in the short term, but Key stat: 30,000 participants demand for healthcare solutions emergency. Thomas Hale in investors are betting that “digital are expected to enrol in the for diabetics, who are an at-risk Shanghai transformation” will become phase-three trial of its Covid-19 category for Covid-19. Donato an even bigger imperative for Paolo Mancini companies across the economy, vaccine candidate. with Salesforce among the 31. Samsung winners. Richard Waters $18bn Biologics MARKET CAP ADDED 39. NetEase SECTOR: HEALTHCARE SECTOR: TECHNOLOGY 34. Adyen Moderna was the first US HQ: HANGZHOU, CHINA HQ: INCHEON, SOUTH company to get a potential KOREA SECTOR: PAYMENTS coronavirus vaccine to human Key stat: Demand for its online HQ: AMSTERDAM, trial. Just 42 days after it received Key stat: 150 per cent increase NETHERLANDS games during coronavirus-led the genetic sequence of the virus, lockdown boosted first-quarter in the share price in 12 months. Moderna had a vaccine in vials Key stat: Volume of payments ready to test. Its messenger RNA revenue by 18 per cent year on $20bn processed increased 38 per cent technology allows it to be super year. MARKET CAP ADDED year on year in the first quarter. speedy — but no vaccine using it has ever been approved by a A subsidiary of Samsung that regulator. Hannah Kuchler $17bn focuses onmanufacturing $19bn MARKET CAP ADDED biopharmaceuticals on a MARKET CAP ADDED contract basis, the company The Chinese gaming group, gained from striking deals this A surge in online shopping helped 37. Mercado Libre known for its mobile title year with Vir Biotechnology — to prop up volumes at Adyen, SECTOR: ECOMMERCE Fantasy Westward Journey, produce Covid-19-neutralising which processes payments for HQ: BUENOS AIRES, benefited from millions of antibody products — and GSK, companies such as Microsoft ARGENTINA its users being stuck at home to expand its manufacturing and eBay. Growth was dented seeking entertainment due to capacity. Donato Paolo Mancini by weakness in the travel sector Key stat: The number of the outbreak of coronavirus and falling in-store sales, but items sold on Mercado Libre’s in China. The company, which Adyen expects to benefit in the receives four-fifths of its revenue ecommerce platform surged 76 from video games, used the long term as the crisis accelerates per cent in April. 32. Novo Nordisk a shift from cash in favour of momentum to pursue a $2.7bn SECTOR: PHARMACEUTICALS contactless payments. Nicholas secondary listing on the Hong HQ: BAGSVAERD, DENMARK Megaw in London Kong Exchange in June. Mercedes $18bn Ruehl in Singapore Key stat: Net profit in the first MARKET CAP ADDED quarter was $1.74bn. 35. Eli Lilly For Mercado Libre, being in the right place at the right time has 40. Mindray $19.8bn SECTOR: PHARMACEUTICALS proved critical. Its ecommerce MARKET CAP ADDED HQ: INDIANAPOLIS, US platform has ballooned in SECTOR: MEDICAL EQUIPMENT popularity over the past five HQ: SHENZHEN, CHINA One of the world’s largest Key stat: $250m extra sales in years, and by facilitating insulin producers, Novo the first quarter, attributed to electronic payments during Key stat: Shares in the medical Nordisk benefited from a Covid-19 stockpiling. the pandemic lockdown, its devices maker are up 53 per cent recent surge in demand across sales have surged further. Latin this year. the pharmaceuticals sector, as America has relatively low patients and healthcare providers $18.8bn ecommerce penetration — but stockpiled drugs. Donato Paolo MARKET CAP ADDED Mercado Libre is already the clear leader in this sector. Benedict $17bn Mancini MARKET CAP ADDED Eli Lilly started the first study Mander in Buenos Aires of an antibody treatment for Shenzhen-listed Mindray 33. Salesforce Covid-19 this month. The designs and manufactures medicine is derived from the 38. Dexcom advanced medical equipment SECTOR: CLOUD SOFTWARE antibody response from one of and accessories for human HQ: SAN FRANCISCO, US the first US patients to contract SECTOR: HEALTHCARE and veterinary use, selling its the disease. Working with the HQ: SAN DIEGO, US products in China and overseas. Key stat: Sliced $1bn off its Canadian company AbCellera, Founded in 1991, it focuses on annual revenue guidance due to it found the most effective Key stat: 44 per cent revenue patient monitoring and life the difficulty of closing sales in antibodies and reproduced them. growth in the first quarter of support, in-vitro diagnostic and Hannah Kuchler the pandemic. 2020. imaging products. Mindray has exported nearly 100,000 medical devices, including ventilators, $19.1bn $17.2bn during the coronavirus pandemic. MARKET CAP ADDED MARKET CAP ADDED Thomas Hale company is set to firm up its 41. DocuSign $16.1bn foothold on the Chinese market, 48. Keyence MARKET CAP ADDED announcing this month that it SECTOR: ELECTRONIC is ready to make a million-mile SECTOR: INDUSTRIAL TECH DOCUMENTS Software developers use Twilio battery. It also said in February HQ: OSAKA, JAPAN HQ: SAN FRANCISCO, US to create communication tools that it was in talks with Tesla such as chat bots, all in the cloud, to jointly produce batteries. Key stat: In a recent graduate Key stat: The e-signature leader making the company’s offerings Christian Shepherd in Beijing recruitment presentation, the lifted its annual revenue growth a timely choice for industries company claimed it had enough target from 31 per cent to 34 per ranging from telehealth to cash to survive 17 years with no cent, or $1.3bn. distance learning. The company sales. lifted revenue by 57 per cent in 46. American the first quarter compared with $16.3bn last year, despite slowdowns at Tower $14.6bn MARKET CAP ADDED some of its biggest customers SECTOR: TELECOMS MARKET CAP ADDED such as Lyft and Uber. Miles HQ: BOSTON, US The pioneer of managing Kruppa in San Francisco In early June, Keyence shares electronic contracts digitally Key stat: The company built 993 hit an all-time high and the has enjoyed a doubling of its communication towers in the automation specialist became share price as shelter-in-place 44. Square first quarter, more than three- Japan’s second most valuable orders during the pandemic quarters of them in Asia and company after Toyota. Foreign have accelerated a shift towards SECTOR: PAYMENTS Africa. investors have been especially contactless, automated solutions. HQ: SAN FRANCISCO, US drawn to its sky-high profit The group has 661,000 paying margins, and the pure-play it customers and is optimistic it Key stat: Square distributed $15.2bn offers on robotics and automation can charge many more of its $800m to small businesses as MARKET CAP ADDED — themes many expect to free users — numbered in the part of the US government’s dominate globally in coming hundreds of millions. Patrick stimulus package. Mobile phone masts are years, but which have been McGee surpassing glitzy office buildings accelerated by Covid-19 and the as some of the most coveted pressure it has put on factories. $15.7bn assets in real estate. So, while Leo Lewis in Tokyo MARKET CAP ADDED jittery investors have been 42. Vertex dumping shares of office building Pharmaceuticals Jack Dorsey’s Square was developers and shopping mall seen as a Covid-19 loser when owners, they have piled into 49. Atlassian SECTOR: PHARMACEUTICALS small businesses started to American Tower, the world’s SECTOR: CLOUD SOFTWARE HQ: BOSTON, US close, but investors perked up most valuable listed real estate HQ: SYDNEY, AUSTRALIA when it seemed the company’s investment trust. Mark Vandevelde Key stat: The biotech reported integrated payments platform in New York Key stat: Year-on-year revenue 35.5 per cent sales growth in would be a key part of a faster- increased 36 per cent in the first 2019. than-expected recovery, with quarter. contactless payments and ecommerce upgrades. But 47. Prologis $16.3bn analysts worry things could start SECTOR: INDUSTRIAL PROPERTY $14.2bn MARKET CAP ADDED to look dicey for Square once HQ: SAN FRANCISCO, US MARKET CAP ADDED the mom-and-pop outlets it Vertex is not making a Covid-19 depends on can no longer turn to Covid-19 provided a boost to this government stimulus money for Key stat: Tenants signed leases treatment. But the Boston- on 28.3m sq ft of warehouse Australian software company, based biotech was able to beat support. Dave Lee which specialises in developing expectations and raise its space in April and May, down 16 per cent from last year. tools to help people collaborate forecasts in the first quarter, as and remain productive while sales of its treatments for cystic working remotely. Atlassian is fibrosis, a market where it is 45. CATL giving away some products for dominant, were unaffected by SECTOR: AUTO PARTS $15.1bn MARKET CAP ADDED free during the crisis in a bid to the pandemic. In fact, patients HQ: NINGDE, CHINA grow market share and boost with the genetic lung disease revenues. Jamie Smyth in Sydney may be even more likely to seek Since acquiring rival warehouse Key stat: The Chinese group is owner Liberty Property Trust in a treatment as Covid-19 heightens investing €1.8bn in a German health concerns. Hannah Kuchler $13bn all-stock deal in February, battery plant. which added more than 15 per cent to its market capitalisation, 50. Luxshare Prologis has been contending Precision 43. Twilio $15.4bn with requests for rent deferrals as MARKET CAP ADDED some retailers have struggled to SECTOR: MANUFACTURING SECTOR: TECHNOLOGY stay afloat. Still, with many shops HQ: DONGGUAN, CHINA HQ: SAN FRANCISCO, US China’s largest manufacturer of still closed and customers moving batteries for electric vehicles online, logistics space is expected Key stat: Revenues rose 83 per Key stat: Daily sign-ups rose 25 has highlighted new deals and to be in demand. cent in the first quarter. per cent from March 18 to April technical breakthroughs. A Mark Vandevelde 30 compared with the first 11 supplier to global carmakers weeks of the year. such as Volkswagen, Daimler $14.2bn and Volvo, the Shenzhen-listed MARKET CAP ADDED The little-known Apple supplier, 25,000 hospitals and health franchises: Call of Duty, which a maker of the wireless AirPod clinics worldwide. Claire Bushey in $13.4bn outgunned the competition earbuds, has enjoyed a share Chicago MARKET CAP ADDED on both consoles and also on price boost during Covid-19 after mobile, and Candy Crush Saga, reports it could be expanding Veeva is a Salesforce for life which analysts at App Annie and production for new models. The sciences, a cloudbased system IDC say was the fourth-highest Foxconn rival has been tipped 53. Digital Realty that helps pharmaceutical grossing mobile game on iOS as a likely beneficiary of Apple’s companies manage data. It is globally in the first quarter.Tim push to diversify its supply Trust helping drugmakers switch to Bradshaw chain. Supported by demand SECTOR: TECHNOLOGY more remote monitoring for their from remote workers, the US HQ: SAN FRANCISCO, US trials, when many participants tech giant’s wearable sales have are reluctant to go to the hospital continued to rise, with some Key stat: The 49.6MW running during the pandemic. In the first 58. Equinix quarter, it beat expectations and analysts predicting AirPod sales through DRT’s 275 data centres SECTOR: TECHNOLOGY as high as 90m by the end of the raised guidance for the full year. is enough electricity to power a Hannah Kuchler HQ: REDWOOD CITY, US year. city the size of Santa Barbara. Christian Shepherd in Beijing Key stat: Peak internet exchange traffic grew 44 per $14bn 56. International cent compared with last year as 51. Nestlé MARKET CAP ADDED millions of workers logged on Holdings from home. SECTOR: CONSUMER GOODS The lights went out at many office HQ: VEVEY, SWITZERLAND buildings and shopping centres Company this March but DRT’s data centres SECTOR: FINANCIALS $12bn Key stat: Nestlé’s petcare were running at full power. While HQ: ABU DHABI, UNITED MARKET CAP ADDED division boasted 13.9 per cent labour restrictions in Singapore ARAB EMIRATES organic growth in the first delayed the completion of a Equinix recorded one of its best- quarter. new facility there, investors Key stat: Market value has ever quarters for new bookings in are betting that a tide of video surged 409 per cent this year in its global network of data centres calls and streaming media will a mysterious rise that few believe and telecommunications hubs, as $14.2bn mean more money flowing to is linked to fundamentals. videoconferencing usage soared MARKET CAP ADDED the owners of the internet’s and cloud services rushed to add backbone. Mark Vandevelde capacity. Mark Vandevelde When consumers rushed out to $12.5bn stockpile ahead of lockdowns MARKET CAP ADDED this year, the world’s largest food 54. Datadog 59. S&P Global company reaped the benefits. IHC has surprised Abu Dhabi Nestlé reported a boost to first- SECTOR: TECHNOLOGY market watchers as it bucked the SECTOR: FINANCIALS quarter growth from higher HQ: NEW YORK, US coronavirus trend. Chaired by the HQ: NEW YORK, US purchasing of its Purina petcare Gulf federation’s national security range, coffee and frozen food. Key stat: Net retention rate adviser, Sheikh Tahnoon bin Key stat: Investment-grade Investors hope a long-term shift has topped 130 per cent for 11 Zayed al-Nahyan, the investment companies have issued more than towards eating and drinking straight quarters. and management firm has made $1tn of debt this year, a record. at home will continue to boost only modest acquisitions in the Swiss group. Judith Evans in sectors such as cinema, brokerage London $13.6bn and ju-jitsu training since $11.8bn MARKET CAP ADDED expanding out of fish farming. MARKET CAP ADDED Simeon Kerr in Dubai One of last year’s unheralded The boom in debt issuance by 52. Danaher IPO success stories, Datadog corporate America has been SECTOR: HEALTHCARE has proved a popular bet in the good to S&P Global, the largest HQ: WASHINGTON, US crowded “cloud monitoring” 57. Activision credit rating agency. Its shares sector. The New York-based Blizzard have jumped a fifth in 2020, far Key stat: Danaher’s subsidiary software group, which offers outpacing its namesake S&P 500 says its GeneXpert machines can monitoring and analytics tools, SECTOR: GAMING index. Sales have been boosted each run 2,000 tests per day. has been successful selling HQ: SANTA MONICA, US by its work in rating all those business customers on multiple new corporate bonds, as well products, boasting a high net Key stat: Upgraded outlook in as a surge in exchange-traded retention rate — a metric watched May to forecast net revenues up 5 derivatives volumes given the $14.1bn closely by software investors. MARKET CAP ADDED per cent to $6.8bn this year. broader market volatility. Eric Miles Kruppa Platt in New York The medical conglomerate owns Cepheid, a company in $12.5bn California that makes molecular 55. Veeva MARKET CAP ADDED 60. Advanced diagnostic tests and equipment. In March the US Food and Drug SECTOR: TECHNOLOGY Video-games developers have Micro Devices Administration fast-tracked HQ: PLEASANTON, US boomed as people turned to SECTOR: TECH MANUFACTURING approval for Cepheid’s Covid-19 consoles and smartphones HQ: SANTA CLARA, US test, which can be processed Key stat: The company’s share for distraction. Activision using diagnostic equipment price has soared 62 per cent this Blizzard scored points with already in place at more than year. investors thanks to two enduring Key stat: Sales of PC chips jumped two-thirds as workers Flutter’s £10bn merger with bought more home PCs and AMD 63. Crown Castle Canadian online gaming 68. Daiichi Sankyo took market share from Intel. behemoth Stars Group, which SECTOR: TELECOMS completed in May, has given SECTOR: PHARMACEUTICALS HQ: HOUSTON, US the Paddy Power owner more HQ: TOKYO, JAPAN $11.6bn exposure to online gaming and MARKET CAP ADDED Key stat: The company is allowed it to enter new markets Key stat: Analysts at Daiwa building 10,000 ‘small cell’ such as Latin America. Investors estimate that breast cancer Long an also-ran against Intel, mobile phone antennas on street are betting that it will emerge drug Enhertu will generate peak AMD is riding a powerful new lights and utility poles this year. as the strongest player in the annual sales of $7.9bn. product wave. If anything, the recently legalised US sports crisis has only lifted its prospects betting sector. Alice Hancock in by fuelling sales of home PCs and $11.5bn London $11.1bn bringing more demand for data MARKET CAP ADDED MARKET CAP ADDED centre capacity from big internet companies that use its chips. Like rival tower owner ATC, As Japan lifted its state of Richard Waters Crown Castle has been one of the 66. Foshan Haitian emergency in late May to reflect best-performing stocks in real Flavouring & Food falling Covid-19 cases, Daiichi estate. Perched on hilltops or Sankyo launched breast cancer bolted to the roofs of skyscrapers, SECTOR: FOOD AND BEVERAGES drug Enhertu. It is sold globally 61. Autodesk its utilitarian structures are HQ: GUANGDONG, CHINA with AstraZeneca, which struck SECTOR: TECHNOLOGY leased to cellular networks on a $6.9bn deal with the Japanese HQ: SAN RAFAEL, US long-term contracts — providing Key stat: Sales rose 7.2 per cent company for shared rights to the a lifeline for socially distanced in the first quarter — but this treatment. The release briefly Key stat: Revenues in the three consumers, and a haven for was the slowest rate in a decade. lifted Daiichi’s stock price to the months to the end of April rose investors. Mark Vandevelde highest level since 2005. Kana 20 per cent to $886m, beating Inagaki analysts’ expectations. $11.2bn 64. Jiangsu MARKET CAP ADDED Shares of Foshan Haitian 69. CrowdStrike $11.5bn Hengrui Medicine Flavouring & Food, the world’s MARKET CAP ADDED SECTOR: CYBER SECURITY SECTOR: PHARMACEUTICALS largest soy source maker, have HQ: SAN JOSE, US HQ: JIANGSU, CHINA surged on hopes of a rebound Autodesk is well placed to take for consumer staples in post- Key stat: 830 net new advantage of any shift towards virus China. While the company, automation spurred by the Key stat: Shares are up 71 per subscription customers in the cent in 12 months. known for its rapid expansion, three months to the end of April pandemic, as it offers software reported only a modest increase technology for the construction, in revenue during the first to 6,261 in total, marking 105 engineering and manufacturing quarter because of the nationwide per cent growth year on year. sectors. Its shares have jumped $11.5bn MARKET CAP ADDED closure of restaurants, it still 70 per cent since April alone. maintained a 15 per cent growth Hannah Murphy target for the year. Sun Yu $11bn Shanghai-listed Jiangsu Hengrui MARKET CAP ADDED Medicine develops and produces high-quality generics and CrowdStrike, the Silicon 62. Lonza innovative drugs. It focuses on Valley cyber security company oncology, cardiovascular, surgical 67. Wuliangye SECTOR: PHARMACEUTICALS known for uncovering Russian anaesthetics and endocrine HQ: BASEL, SWITZERLAND Yibin hackers inside the servers of therapeutic treatments. The the US Democratic National company is benefiting both SECTOR: BEVERAGES Key stat: Lonza and Moderna HQ: YIBIN, CHINA Committee, has positioned itself from mandatory biological as a beneficiary of the shift to hope to produce 1bn vaccine equivalency tests that aim to doses per year. remote working, promising to eliminate inferior generics, and Key stat: Net income rose 19 per better protect users with its an accelerated drug approval cent in the first quarter. “cloud first” security. It is now process. Xueqiao Wang in Shanghai banking on working from home $11.5bn becoming permanent for many as MARKET CAP ADDED $11.2bn lockdowns ease. Hannah Murphy MARKET CAP ADDED Swiss group Lonza has signed 65. Flutter a deal with Moderna, the first SECTOR: GAMBLING Wuliangye Yibin, a Chinese liquor US company to get a potential HQ: DUBLIN, IRELAND maker, has been a magnet for 70. SF Holding coronavirus vaccine into human investors betting on a recovery in trials, on the scale-up of a discretionary spending in Asia’s SECTOR: DELIVERY LOGISTICS potential Covid-19 inoculation. Key stat: Even with sports HQ: SHENZHEN, CHINA fixtures cancelled worldwide, largest economy. Shares of the The two companies have been distiller have gained a quarter shortlisted by President Donald Flutter increased gambling since January as the company Key stat: SF Holding posted 39.6 Trump in the US’s project to revenues 10 per cent year on year defied an industry-wide sales per cent revenue growth in the expedite a vaccine, which has in the three months to May 17. slump with revenue rising 15 per first quarter. been dubbed Operation Warp cent in the first three months of Speed. the year. Sun Yu Donato Paolo Mancini $11.5bn $11bn MARKET CAP ADDED MARKET CAP ADDED SF Holding runs China’s most important Chinese customer Key stat: Shares have risen more reliable courier operation. Its 73. Wayfair keeps shopping in the aftermath than 50 per cent this year. huge force of delivery workers of the pandemic, this bodes well and 58 cargo jets kept ferrying SECTOR: ECOMMERCE for the luxury house’s ability to goods during the worst of China’s HQ: BOSTON, US bounce back. Leila Abboud in Paris $10.3bn lockdown period — even as MARKET CAP ADDED its competitors struggled with Key stat: First-quarter net manpower issues. Sales at the revenue rose 20 per cent year- Hansoh Pharmaceutical was Shenzhen-listed company rose on-year. 76. Lowe’s listed in Hong Kong last year and during the period, though profits SECTOR: RETAIL develops innovative and first- slipped. HQ: MOORESVILLE, US to-market generics. It focuses Ryan McMorrow in Beijing $10.7bn on psychotropic, oncology MARKET CAP ADDED and diabetes drugs. Hansoh’s Key stat: Lowe’s hired more than almonertinib received market The online homeware specialist’s 100,000 workers for the spring approval in China for second- 71. ZTO Express sales have surged as consumers season after a surge in demand. line treatment for patients with SECTOR: DELIVERY LOGISTICS have sought to upgrade their NSCLC (the most common type HQ: SHANGHAI, CHINA living spaces under lockdown but of lung cancer) in March. been unable to shop at bricks- $10.6bn Xueqiao Wang MARKET CAP ADDED Key stat: The company expects and-mortar stores. The stock is near all-time highs, even after parcel volume to grow 31 to 35 Paint, piping, lumber, drills and per cent this year. advertising and other costs meant 79. Gilead Sciences the group lost $286m in the first fittings are among the many quarter. Alistair Gray products stocked by Lowe’s — and SECTOR: PHARMACEUTICALS its sales have boomed. Americans HQ: FOSTER CITY, US $10.9bn under lockdown have undertaken MARKET CAP ADDED more DIY projects and bought Key stat: 1.5m — the number of 74. Centene the necessary equipment from doses of remdesivir, the antiviral ZTO Express runs the profitable the home improvement retailer, being used for Covid-19, that SECTOR: FINANCIALS whose stores have been allowed line-haul segment of delivery HQ: ST LOUIS, US Gilead gave away for free. — leaving the costly business of to stay open throughout the ferrying packages the last mile to crisis. Key stat: 41 per cent — year-on- Alistair Gray customers’ doors to its partner year revenue jump. $10.3bn firms. With ecommerce receiving MARKET CAP ADDED a pandemic boost, investors are betting one of China’s largest Gilead Sciences has been the delivery companies will be taken $10.7bn 77. Spotify only branded drug approved along for the ride. MARKET CAP ADDED SECTOR: MUSIC STREAMING for treating Covid-19 patients. Ryan McMorrow HQ: STOCKHOLM, SWEDEN Remdesivir, originally developed US health insurer Centene has for Ebola, is being used in experienced a surge in profits hospitals in the US, UK and because of the coronavirus Key stat: 130m global subscribers by the end of Q1, up Japan. While trials are ongoing, 72. Celltrion emergency. Many non-essential Anthony Fauci, a top doctor procedures have been postponed 31 per cent from a year ago. SECTOR: HEALTHCARE advising the White House, until business returns to praised the initial data as having HQ: INCHEON, SOUTH normal, meaning insurers have KOREA $10.3bn a “clear-cut, significant, positive to disperse less in payments effect”. Hannah Kuchler to healthcare providers. But MARKET CAP ADDED Key stat: 15-20 minutes, the premiums have remained the time Celltrion says it will take its same, fattening margins. Donato Music listening habits changed Covid-19 self-testing diagnostic Paolo Mancini as people sheltered at home. 80. Okta kit to reveal results. While fewer people commuted to work, users at home flocked SECTOR: TECHNOLOGY to meditation and wellness HQ: SAN FRANCISCO, US 75. Hermès podcasts, instrumental music $10.8bn and chilled-out tunes to help Key stat: 28 per cent year-on- MARKET CAP ADDED SECTOR: LUXURY manage stress, according to year rise in customers in the first HQ: PARIS, FRANCE quarter. South Korean pharmaceutical Spotify. The company benefited group Celltrion has promoted from a business based largely on Key stat: $2.7m of sales were subscriptions, helping shield it its development of an antiviral made in a single day at a Hermès $10.2bn treatment to fight Covid-19 while from the fallout in advertising. store in Guangzhou when it Anna Nicolaou MARKET CAP ADDED producing its own diagnostics reopened in mid-April after a kits. Shares are up 60 per cent Covid- 19 lockdown. This software upstart helps this year. Investors are upbeat companies manage and secure about its acquisition of a unit 78. Hansoh user authentication into cloud carved off by Japanese rival services, and grew its customer Takeda, and a touted merger of $10.6bn MARKET CAP ADDED Pharmaceutical base to 8,400 this year. Sales were three Celltrion affiliates. up 46 per cent year-on-year in Edward White Group It was a record haul for a the first quarter, but it still made boutique in China, according to SECTOR: PHARMACEUTICALS a net loss of $57.7m in the period. the French group. If the all- HQ: LIANYUNGANG, CHINA Miles Kruppa

China Tourism Group Duty Free vehicle battery maker by market 81. Barrick Gold reported a loss in the first quarter 86. RingCentral share. Its stock is back to near a 10-year high, and up more than SECTOR: MINING for the first time in a decade. But investors still expect it to benefit SECTOR: TECHNOLOGY 110 per cent since a three-year HQ: TORONTO, CANADA from demand from rich Chinese HQ: BELMONT, US low in March. Edward White in shoppers who have been unable Wellington Key stat: Gold is up 13 per cent to buy luxury goods abroad Key stat: Annual recurring since the start of the year, its because of coronavirus. Sun Yu in revenues from enterprise highest level since 2012. Beijing customers rose 59 per cent year on year in the first quarter. 89. Reliance $10.1bn Industries MARKET CAP ADDED 84. Muyuan Foods $9.4bn SECTOR: INDUSTRIAL SECTOR: FARMING MARKET CAP ADDED CONGLOMERATE “When you buy physical gold you HQ: NEIXIANG, CHINA HQ: MUMBAI, INDIA don’t get a yield, but if you buy The virtual telephone app has a well-run sustainably run gold Key stat: Pig farmer Qin announced ambitions to compete Key stat: Reliance has raised mining company you should get a with Zoom, rolling out a video $15bn from investors since April. yield,” says Barrick’s fast-talking Yinglin’s personal wealth has offering. Investors have been chief executive Mark Bristow, grown by about $6bn since the encouraged by RingCentral’s who has cranked up dividend start of coronavirus. growing adoption at large payments over the past six $9bn enterprise customers, which MARKET CAP ADDED months on the back of the rising makes up more than 30 per cent gold price. Neil Hume in London $9.4bn of the business. Miles Kruppa MARKET CAP ADDED While Reliance’s core energy businesses have struggled during By the start of 2020, soaring the pandemic, foreign investors 82. Chongqing pork prices due to an outbreak of 87. Lululemon flocked to its digital arm Jio. After African swine fever had already Facebook bought a 10 per cent Zhifei Biological made Muyuan Foods founder SECTOR: RETAIL stake for $5.7bn in April, Jio sold Products Qin Yinglin the world’s richest HQ: VANCOUVER, CANADA stakes to everyone from Silver farmer. The onset of coronavirus Lake and KKR to Mubadala. SECTOR: PHARMACEUTICALS in China, which started in late Key stat: Ecommerce sales Owned by Asia’s richest man HQ: JIANGBEI, CHINA January, pushed food prices jumped 68 per cent in the three Mukesh Ambani, four-year-old higher, adding another $6bn in months to May. Jio has almost 400m telecom Key stat: Shares are up 134 per personal wealth to Mr Qin’s pig subscribers and is branching out cent in 12 months. farming fortune. Between January into ecommerce. Benjamin Parkin 2019 and March 2020, Muyuan $9.3bn in Mumbai shares rose about 340 per cent. MARKET CAP ADDED $10bn Don Weinland in Beiing MARKET CAP ADDED Working from home led to a near- 90. Offcn 70 per cent jump in online sales Chongqing Zhifei Biological Education 85. TAL Education at Lululemon in the first quarter Products is listed in Shenzhen, as its expensive yoga pants and Technology focusing on vaccine R&D Group “athleisure” gear replaced formal and sales. Zhifei is the local business attire. But overall sales SECTOR: EDUCATION SECTOR: EDUCATION distribution partner of Merck tumbled heavily from the closure TECHNOLOGY to sell its approved vaccines HQ: BEIJING, CHINA of its stores and it has warned HQ: BEIJING, CHINA in China including Gardasil that it is not expecting a return to 9. A subsidiary of Zhifei was Key stat: 4.6m students were earnings growth until the fourth Key stat: Offcn founder Li reportedly co-developing with signed up in February, a 57 per quarter. Alistair Gray Yongxin is China’s richest edtech an institute under the Chinese cent year-on-year rise. entrepreneur. Academy of Sciences to develop a vaccine against Covid-19. Xueqiao Wang $9.4bn 88. LG Chem $9bn MARKET CAP ADDED SECTOR: CHEMICALS MARKET CAP ADDED HQ: SEOUL, SOUTH KOREA 83. China Tourism The Chinese online and offline Offcn Education Technology, tutoring company — whose name which helps train students Group Duty Free stands for Tomorrow Advancing Key stat: Has more than a third of the electric vehicle battery for China’s civil service SECTOR: LUXURY Life — came under scrutiny for examinations, moved its disclosing inflated sales in April. market, up from 10 per cent last HQ: BEIJING, CHINA year. classes online in February and But neither that admission nor March. Analysts anticipate the group reporting a 60 per cent more consolidation as smaller Key stat: 32% — the proportion drop in operational income for of luxury goods Chinese competitors exit. Thomas Hale in the year to the end of February $9.3bn Hong Kong consumers purchased at home were enough to dent the share MARKET CAP ADDED last year. price, which was boosted by surging online student enrolment LG Chem, which supplies many of during the coronavirus crisis. the top auto groups, is poised to $9.5bn Mercedes Ruehl in Singapore overtake Japanese rival Panasonic MARKET CAP ADDED and become the top electric division, which some analysts other cosmetics and personal care customers in the first quarter, 91. Newmont believe it will spin off. players. bringing the total to 15m. Leila Abboud SECTOR: MINING HQ: GREENWOOD VILLAGE, $8.9bn $8.3bn US MARKET CAP ADDED 96. Snap MARKET CAP ADDED Key stat: For every $100 move Unilever reported zero first- SECTOR: SOCIAL MEDIA Pet owners have been stocking in the gold price, Newmont’s free quarter sales growth as the HQ: LOS ANGELES, US up on food, treats and other cash flow changes by $400m. pandemic began: higher demand supplies under lockdown, a for products such as Domestos Key stat: Snap’s first-quarter boon for online specialist Chewy, bleach was cancelled out by revenues jumped 44 per cent to which floated last year. A surge $8.9bn a slump in areas such as food $462m. in orders pushed net sales in the MARKET CAP ADDED service and ice cream. But three months to May up 46 per investors later took heart when cent from a year ago to $1.6bn. Rising gold prices meant Unilever said it would seek to $8.6bn Alistair Gray Newmont, the world’s biggest consolidate into a single UK MARKET CAP ADDED gold producer, increased its company, abandoning a dual first-quarter dividend by 79 per British/Dutch structure. This The parent of camera and cent and repurchased $300m of should make acquisitions and messaging app Snapchat 99. GSX Techedu shares. A huge reserve base — disposals simpler. experienced increased demand SECTOR: EDUCATION boosted by the purchase of rival Judith Evans as home-bound young users TECHNOLOGY Goldcorp — leaves Colorado- spent more time on social media. HQ: BEIJING, CHINA based Newmont well placed to But it faces challenges from produce 6m-7m ounces of gold tightening ad spending during the Key stat: Revenues increased a year until 2029, according to 94. AstraZeneca virus crisis, competing with the 382 per cent in the first quarter. analysts. Neil Hume SECTOR: PHARMACEUTICALS Facebook-Google duopoly and HQ: CAMBRIDGE, UK emergent rivals such as TikTok. Siddharth Venkataramakrishnan $8.2bn Key stat: $1bn — the funding MARKET CAP ADDED 92. Just Eat secured to develop a vaccine from Takeaway the US government. GSX Techedu is an education 97. Changchun company offering online tutoring SECTOR: ECOMMERCE High & New services in China. This year, at a HQ: AMSTERDAM, $8.7bn time when schools in the country NETHERLANDS MARKET CAP ADDED Technology have been closed, its shares have risen 157 per cent on the Key stat: $7.3bn — the price Just AstraZeneca, which has its Industry New York stock exchange. It has Eat Takeaway will pay to buy US headquarters in the UK, has SECTOR: BIOPHARMACEUTICALS recently come under attack from rival Grubhub. climbed to the top of the FTSE HQ: CHANGCHUN, CHINA short-sellers, including Muddy 100 index after securing a deal Waters. The company has denied the allegations. Thomas Hale to manufacture and distribute Key stat: Shares in the group are $8.9bn a potential coronavirus vaccine up 140 per cent in 12 months. MARKET CAP ADDED made by Oxford university. Donato Paolo Mancini 100. Teladoc Just Eat’s merger with rival $8.4bn Takeaway.com, agreed in MARKET CAP ADDED Health December, created Europe’s largest food delivery group at just 95. L’Oréal SECTOR: TELEMEDICINE Shenzhen-listed Changchun High HQ: NEW YORK, US the right moment to capitalise on SECTOR: COSMETICS & New Technology Industry is surging demand from restaurants HQ: PARIS, FRANCE based in northeastern China and and diners for new food delivery Key stat: Paid membership in invests in biological products, the US rose from 27m to 43m in options during lockdowns. Now real estate and processed Takeaway founder Jitse Groen is Key stat: Online sales jumped 53 the first quarter. per cent in the first quarter. traditional Chinese medicine. The looking to take a bite out of Uber company mainly produces growth in the US, with its blockbuster hormone products. Its new nasal bid for Grubhub. Tim Bradshaw $8.2bn $8.7bn spray influenza vaccine was MARKET CAP ADDED MARKET CAP ADDED approved in March, the first live attenuated flu vaccine in China. Teladoc, which offers online 93. Unilever The world’s biggest cosmetics Xueqiao Wang consultations with doctors, has company’s sales have held up soared by 130 per cent since the SECTOR: CONSUMER GOODS well during the Covid-19 crisis, beginning of the year and posted HQ: LONDON, UK AND thanks to its heavy investments firstquarter revenues up 41 per ROTTERDAM, in online selling and marketing. 98. Chewy cent as people have sought to NETHERLANDS It now earns 20 per cent of group SECTOR: ECOMMERCE avoid hospitals and doctors’ surgeries during lockdown. sales from its own ecommerce HQ: DANIA BEACH, US Hannah Murphy Key stat: €19.3bn: annual sites or those of retailers, giving it turnover of Unilever’s foods a real competitive advantage over Key stat: Chewy added 1.6m new