Emerging economies' telecoms operators hit the global stage - China Mobile became the highest value technology company in the world a few weeks ago, valued at more than US$300 billion. The Chinese giant now has a stock exchange value greater than Microsoft even. China Mobile's rise on the stock exchange is due to its exceptional growth record. In January 2008 alone it gained 7 million new clients, taking its client base to 380 million in total. These are some of the conclusions of a report by the Olivier Wyman consultancy on technology in the widest sense (telecoms, semi-conductors, the media etc). Of the 450 companies studied and classified in terms of risk-weighted stock market performance since 2003, Indian operator Bharti comes out on top. The report notes that mobile phone companies based in emerging economies like Orascom of Egypt and Mobile Telesystem of Russia, now account for 60% of the global share of mobile telecoms on the stock market. This is hardly surprising in that some 275 million more Chinese and 240 more Indians are expected to acquire mobile phones by 2010. Some operators from the developed world, like Spain's Telefónica and the UK's Vodafone, which have been in emerging economies since the late 1990s are doing well. Vodafone bought up India's Essar last year and has seen its turnover in India increase 56% in the last quarter of 2007 alone, while its sales in Germany slid by 5%. Emerging economies account for 61% of Norwegian telecom operator Telenor's mobile phone turnover. Emerging economies' operators are expanding into the developed world, like India's Tata Communications, which makes two-thirds of its turnover outside India and is planning to invest €2bn over the next three years.