Three companies based in Zhoushan, East China's Zhejiang province, have recently been shortlisted for the State-level "little giant" companies by the Ministry of Industry and Information Technology, local media reported on Dec 13.

Little giant companies refer to outstanding high-tech small and medium-sized companies with high growth potential, advanced technology and strong market competitiveness.

They are largely concentrated in the fields of new-generation information, high-end equipment manufacturing, new materials and medicine.

The market share of the leading products produced by the three shortlisted companies ranks first in Zhejiang.

Zhoushan 7412 Factory, founded in 1986, is a manufacturer of auto fasteners and coaxial cables with a total annual sales revenue of 1.05 billion yuan ($160.39 million). Its main product – high temperature resistant fasteners – accounts for 35 percent of the market share in China.

Haishan Sealing Material Co, founded in 1984, is among the top five sealing material producers in China and is capable of manufacturing 3,000 metric tons of sealing materials and 100 million sealing elements per year. It accounts for 13 percent of the domestic heat-insulating seal assembly market.

Zhoushan Chenguang Electric Appliance Co, founded in 2001, is dedicated to manufacturing vacuum cleaner motors and has an annual production capacity of roughly 10 million units and an annual output value of more than 300 million yuan. Chenguang's vacuum cleaner motors take up six percent of the domestic market share, and the performance of its latest product – the brushless vacuum cleaner motor – is among the most advanced products of its kind in the world.