Ten of the world’s top 30 internet companies in 2018 were Chinese, according to the 2019 China Internet industry development situation and prosperity index report released by the China Academy of Information and Communications Technology.

File photo: Xinhua

They are Tencent, Ali, Baidu, Netease, Meituan-Dianping, Jingdong, Pinduoduo, Qihoo 360 Technology, Ctrip and Sina Weibo. Two of them are "sub-new stocks" that have been only listed for less than a year: Meituan-Dianping listed on the Hong Kong Exchange in September 2018 and Pinduoduo listed on the NASDAQ in July 2018.

The report shows that, as of December 31, 2018, the total market capitalization of the top 30 listed internet companies was $3.5 trillion, down 3.8 percent from 2017.

The report also said China's internet industry development prosperity index fell for the first time. The revenue growth of four major internet businesses, e-commerce, games, social networking, and search engine is slowing. Investment and financing activity rapidly declined because it is entering a new period of transformation and adjustment.

Although cloud computing, big data, artificial intelligence and other businesses are growing fast, their scale is small and cannot support the growth of the industry. For example, Ali Cloud accounted for just 6.4 percent of Alibaba's annual revenue, compared with 11 percent of Amazon and 29.2 percent of Microsoft.

The industrial internet market holds a huge potential, the report said. It said the market is becoming one of the directions for internet giants when faced with growth bottlenecks.

(Compiled by Yu Lidong)