Our latest Tou Ying Tracker shows that the biggest Chinese-owned companies employ over 59,000 people in the UK and contributed total revenues of £116.4 billion to the country’s economy in 2023.
The tracker looks for all Chinese-owned companies operating in the UK that meet specific criteria:
970 companies met this criteria and we analysed data from these companies to create the Tou Ying insight, revealing distinct patterns of employment and growth.
We would also like to recognise the vast contribution to the UK economy of over 30,000 Chinese-owned companies, with around 100 representative offices or branch offices, which fall outside the criteria for inclusion in the insight, but still contributes much to UK commercial enterprise.
Number, revenues, and employees of China-owned UK businesses
|
Number of companies |
Aggregate revenues |
Aggregate number of employees |
|
|
2023 |
970 |
£116.4 billion |
59,155 |
|
2022 |
875 |
£96.2 billion |
67,951 |
|
2021 |
845 |
£63 billion |
61,000 |
Source: Grant Thornton UK analysis
Overall, Chinese companies contributed strongly to the economic rebound following the COVID-19 pandemic, with cumulative revenues increasing by c.21%. Over 200 of the companies in the survey have a turnover of £5 million or more.
The majority of the aggregate revenues are generated by energy trading businesses that are based in the UK, but engage in international trading. Specifically, in 2023, the largest four companies contributed £85 billion of the £116.4 billion total revenues.
In 2023 funding capital deals remains the dominated way of Chinese investments into the UK, accounting for 53% of total deal volume (60% in 2022). However, the appetite for acquisitions decreased to five in 2023 (twelve in 2022).
Chinese technology conglomerate, Tencent Holdings, actively invested in four UK-based companies in 2023 (seven in 2022). Fintech turns to be the most popular sector in 2023, consisting of over £500 million aggregated transaction amounts.
Volumes of China-based M&A and funding rounds into UK businesses, 2021-2023
Sources: Zephyr, Orbis, Mergermarket, Refinitiv, Nexis (excludes real-estate, JVs, partnerships, and greenfield investment)
Notable Chinese-UK deals between 2021 and 2023GSR Ventures funds Fintern LtdThe largest investment in 2023, at £500 million, involved Chinese Venure Captial GSR Ventures alongside other equity investors, contributing to a funding round for a London-based AI-driven Fintech, open banking solution company Abound, owned by Fintern Ltd. Zhejiang Geely Holding Group Co Ltd increases equity in Aston Martin Lagonda Global Holdings PLCIn 2022, Zhejiang Geely Holding Group, China’s largest privately-owned automotive technology group, has increased its shareholding in Aston Martin Lagonda Global Holdings plc (Aston Martin) to c.17%, making itself the third largest shareholder ahead of Mercedes-Benz. Tencent acquires Sumo GroupTencent has announced its acquisition on Sumo Group, a London stock exchange listed Sheffield-based video game developer, at £909 million in 2021, marking it as the largest investment Tencent ever made in the UK. |
Contending with market uncertainties nowadays, including rapid inflation, rising interest rates, and higher taxes, businesses are facing increased complexity of financial challenges. It's vital that Chinese businesses in the UK stay resilient and explore all options that are available.
You may face difficult choices, which need to be made quickly, when events don’t unfold as expected for your business, but we can help provide certainty and a clear course of action in respect of:
Our solutions are tailored to your circumstances, your business, and your sector.
For more insight and guidance, contact Oliver Haunch or Ian Zhu.
Preparing for the FCA’s motor finance redress scheme: why firms should conduct a business health check now.
Analysis of 2025 UK consumer sector failures across retail, hospitality, and travel. Explore the cost pressures, working capital challenges and structural issues driving business distress.
Local Authorities enter 2026 still facing sustained financial strain. Despite uplifts in core spending power across the sector as a whole, pressures from social care demand, contract inflation and higher borrowing costs continue to erode resilience across the sector. Recent parliamentary evidence confirms that, whilst rare, the number of Section 114 notices issued since 2018 is at an all-time high, underlining the systemic nature of the challenge and the scrutiny on historic corporate investments and subsidiary performance.
