BUSINESS Listed Chinese internet firms register rapid growth

BUSINESS

Listed Chinese internet firms register rapid growth

China Daily

14:51, October 27, 2020

A view of the Alibaba Group headquarters in Hangzhou, Zhejiang province, China, on Oct 26, 2020. (Photo: Agencies)

Listed Chinese internet companies registered a total market value of 16.8 trillion yuan ($2.51 trillion) as of Sept 30, up 12 percent from a month earlier, the 21st Century Business Herald reported on Monday, quoting a study from the China Academy of Information and Communications Technology.

As per the study, 55 percent of these companies are listed in the US, 37 percent in the Hong Kong SAR and 8 percent in the Chinese mainland.

During the second quarter this year, total revenue of listed Chinese internet companies stood at 781.32 billion yuan. With a year-on-year growth rate of 15.2 percent, the revenue growth rate rose 6.2 percentage points from the first quarter but dropped 8 percentage points over the same period last year.

In terms of sub-industries, companies in online education, internet finance and residential service posted rapid growth.

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