Global accounting and consulting firm Deloitte on Thursday released its annual list of China's 50 fastest growing technology companies.

China's booming e-commerce industry made a strong showing. Two of the top three spots went to online retailers, with Shanghai-based Yihaodian.com at No. 1 and Jiaxing-based bag retailer Mbaobao.com at No. 3. Beijing-based security technology firm Tendyron, which makes USB keys used in internet banking, placed second.

Growth among listed firms was explosive, despite sluggish recovery in the developed economies and a tightened domestic credit market. Listed firms grew by an average 1,186 percent, with the top 5 firms expanding by a blistering 7,759 percent.

More than half of firms making the list were based in Beijing. Other regions with a high proportion of listed companies included Shanghai (with 7 firms), Hong Kong (5 firms) and Shenzhen (4 firms).

Software developers accounted for 18 percent of this year's list, up from 16 percent in 2010. The e-commerce sector saw massive growth, taking 16 percent of this year's spots, 10 percentage points more than last year. Telecom and internet companies followed with 14 percent.

Deloitte began publishing the Deloitte Technology Fast 50 China list in 2005. Participants in the program will automatically qualify to participate in the Deloitte Technology Fast 500 Asia Pacific program.

China's business press carried the story above on Friday

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