NANCHANG -- A list of China's top 50 virtual reality (VR) firms was unveiled at the 2020 World Conference on the VR Industry, which opened on Monday in Nanchang, East China's Jiangxi province.

Electro-acoustic components manufacturer Goertek, Beijing Baidu Netcom Science and Technology Co Ltd and HTC Communication Co Ltd. topped the list.

First released in 2019, the list is produced by the Industry of Virtual Reality Alliance (IVRA), with more than 30 experts in the VR industry participating in the ranking process this year.

Zhao Qinping, an academician of the Chinese Academy of Engineering and president of the Council of the IVRA, said listed enterprises are expected to enhance their technological research and development capabilities, expand their market scales and contribute to the global VR industry.

China has witnessed its VR industry expand rapidly as the country pushes for the high-quality development and extensive application of new technologies. According to the Ministry of Industry and Information Technology, China's VR market will be valued at 54.45 billion yuan (about $8 billion) by 2021.