3rd June 2023 – (Beijing) China’s listed internet companies have seen a steady rise in market value in the first quarter of 2023, according to a report from the China Academy of Information and Communications Technology (CAICT). The report reveals that the domestic policies in China have stabilised and the economy has picked up, leading to an increase in market value for these companies.
As of the end of March, the total market value of China’s listed internet companies had reached 11.1 trillion yuan (about 1.56 trillion U.S. dollars), representing an increase of 7.8 percent from the end of 2022. The top three companies in terms of market value are Tencent, Alibaba, and Meituan, all of which are tech giants in China.
The report also indicates that the revenues of listed internet companies rose 6.3 percent year on year to 1.08 trillion yuan in the fourth quarter of 2022. This growth is a reflection of the overall improvement in the Chinese economy and the increasing demand for internet-related services.
The Chinese government has been actively promoting the development of the internet industry in the country, and this has contributed to the growth of these companies. The government has introduced policies to support innovation and entrepreneurship in the sector, which has led to the emergence of many successful internet companies.
The rise in market value of China’s listed internet companies is also a reflection of the increasing demand for digital services in China. The country has a large and growing middle class that is increasingly reliant on the internet for a range of services, including e-commerce, online entertainment, and social media.
Overall, the steady growth of China’s listed internet companies is a positive sign for the country’s economy and its digital industry. The government’s support for the sector, coupled with the increasing demand for digital services, is likely to continue to drive growth in the industry in the coming years.