Listed Chinese internet companies see market capitalization surge in Q1
An online celebrity reacts for her followers via a livestreaming app in Wuhan, capital of Hubei province. [Photo by Miao Jian/For China Daily]
BEIJING – China’s listed internet companies worldwide see their market capitalization surge in the first quarter of 2019, according to a report released by the China Academy of Information and Communications Technology (CAICT).
The market capitalization of 172 listed Chinese internet companies amounted to 10.19 trillion yuan ($52 trillion) in Q1, up 27.4 percent month on month, the report showed.
The surge was attributed to the bullish global stock market and the increasing number of newly-listed companies, said the report.
Among the top 30 listed internet companies worldwide, 11 of them are from China with a market capitalization of 950 billion dollars.
In breakdown, among the 11 Chinese listed internet companies, the e-commerce giant Alibaba Group, tech giant Tencent and search engine giant Baidu took up the top three spots with a combined market capitalization of about 6.5 trillion yuan as of Q1.
In Q4 last year, the listed Chinese internet companies generated revenue of 509.3 billion yuan, up 30 percent yea-on-year, CAICT data showed.
Businesses of e-commerce, social networks and games contributed over 80 percent to the companies’ revenue, according to the report.