An optical cable maker and a pharmaceutical ingredient manufacturer are two little-known firms that potentially can be China's next corporate giants, according to a report by the Association of Chartered Certified Accountants (ACCA).

ACCA named cable firm Hengtong Optic-Electric and pharmaceutical ingredient supplier Huapont Nutrichem among China's fast-growing companies.

"It's not just about their balance sheets, it's about growth," said Eunice Chu, head of policy, ACCA Hong Kong. Majority of the companies on ACCA's list have doubled in size and, in some cases, quadrupled over a five-year period from 2008.

Specifically, the ranking is based on the companies' turnover; annual growth over a four- to five-year period; domestic presence; extent of international activity; and business model and strategy.

"Around one-third of these 'giants in waiting' are making their mark on the global stage. Yet, even those that have concentrated on their local markets within China are showing immense growth and the expectation is they will appear in other markets within the next three to five years," says Andrew Atherton, professor of enterprise and deputy vice-chancellor at Lancaster University, UK, and author of the report.

By industry, computers and communication equipment companies accounted for the largest share in the list with 19%, followed by electronics 13%, metal and non-metal products 11%, internet and information 9%, and equipment and machinery 8%.

Other companies identified included Zhejiang Dahua Technology, iSoftStone Holdings, Hangzhou Hikvision Digital Technology, Hosa International, Hongfa Technology, Zhejiang Wanfeng Auto Wheel, Anhui Zhongding Sealing Parts, and Beijing Zhongke Sanhuan Hi-Tech.