by HOU Ruining

Shanghai Inspection Testing and Certification Co Ltd, the city's newest first-tier state-owned enterprise, was officially launched on July 9 with a five-year revenue target of over 4.7 billion yuan and a stretch goal of 7.14 billion yuan, according to Shanghai Observer.

Formed in just 155 days—from government approval in January to formal establishment and subsidiary restructuring by June—the company brings together five affiliated entities, four of which were formerly public institutions.

The new enterprise aims to modernize and streamline Shanghai's fragmented testing, inspection, and certification (TIC) services under a corporate structure. It is also seen as a potential pilot for national reforms in this space.

China's TIC market has grown rapidly. According to XYZ Research, the global market rose from 107.7 billion euros in 2012 to 278.5 billion euros in 2023. China's domestic market grew even faster, with company revenue increasing from 139.8 billion yuan in 2013 to 489.7 billion yuan in 2023. By March 2024, over 68,000 TIC-related firms were registered in China, and market size may soon exceed 530 billion yuan.

Shanghai TIC plans to operate across nine sectors, including new energy, electronics, life sciences, and AI. Chairman NI Bin said the firm will form partnerships with research institutes, universities, and internal testing units to develop new technologies and may also establish industry funds.

By 2030, the company aims to incubate at least nine business units with annual revenue of 100 million yuan, launch one or two IPO-ready platforms, and contribute to the development of over 100 national and industry standards.