China’s internet economy has evolved rapidly over time, enough to even rival its Silicon Valley counterpart. As of 2023, Tencent Holdings had a market value of around 2.85 trillion yuan, ranking nineth among the world's most valuable companies. While the Chinese tech industry has long been dominated by the BAT trio, with Tencent as the market leader, a new generation of digital powerhouses seem to be closing the gap.
Who are the new BAT trinity?
The new BATs – ByteDance, Alibaba, and Tencent - are China's three technology titans. ByteDance, the creator of TikTok and its Chinese sister app Douyin, accounted for 31 percent of China’s mobile app usage time , overtaking the long time champion Tencent in 2022. Meanwhile, the Alibaba Group offers a variety of e-commerce services with the domestic retail segment being its largest revenue generator. Similarly, Tencent Holdings, of the WeChat and QQ apps fame, earned most of its revenue through its value-added services.
China’s budding tech players
While being the underdogs of the Chinese IT scene, domestic companies such as Pinduoduo and Meituan have received global recognition. With estimated e-commerce turnover of 445 billion U.S. dollars in 2022, Pinduoduo has climbed to the third-largest online retailers in the world after Alibaba and Amazon. Meituan, which is famous for its food delivery app, alone earned 220 billion yuan worth of revenue in 2022. On the other hand, Baidu, China’s most popular search engine, has lost its the former BAT trinity title.
Leading internet companies in China as of 2023, based on market valuation
(in billion yuan)
among non-state owned enterprises in mainland China
Supplementary notes
One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of January 2024).
The market values of listed companies were based on the closing prices on October 31, 2023. For the valuation of private companies, market values of other companies from the same industry or the latest M&A data were included in the estimations.
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Hurun Research Institute. (January 31, 2024). Leading internet companies in China as of 2023, based on market valuation (in billion yuan) [Graph]. In Statista. Retrieved October 10, 2024, from https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. "Leading internet companies in China as of 2023, based on market valuation (in billion yuan)." Chart. January 31, 2024. Statista. Accessed October 10, 2024. https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. (2024). Leading internet companies in China as of 2023, based on market valuation (in billion yuan). Statista. Statista Inc.. Accessed: October 10, 2024. https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. "Leading Internet Companies in China as of 2023, Based on Market Valuation (in Billion Yuan)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute, Leading internet companies in China as of 2023, based on market valuation (in billion yuan) Statista, https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/ (last visited October 10, 2024)
Leading internet companies in China as of 2023, based on market valuation (in billion yuan) [Graph], Hurun Research Institute, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/