Where Data Tells the Story
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This chart tracks the shifting market cap of China’s leading internet and platform companies over the past decade. Tencent and Alibaba dominated much of the period, but the story is one of disruption: PDD and Meituan surged in the 2020s, while Baidu’s share steadily declined. Xiaomi and NetEase maintained steady, and JD showed moderate growth before plateauing.
Takeaway: China’s digital economy has transitioned from a “BAT era” (Baidu, Alibaba, Tencent) to a more fragmented landscape where new challengers like PDD and Meituan are reshaping the hierarchy.
Analysis: