China's listed internet firms see combined market value down 20.2 pct

Xinhua
14 May 2022, 21:48 GMT+10

BEIJING, May 14 (Xinhua) -- China's listed internet companies saw their combined market value fall sharply during the first quarter, partly weighed down by pressure from U.S. auditing authorities and the resurgence of domestic COVID-19 cases, according to an industry report.

The total market value of China's listed internet firms fell to 9.9 trillion yuan (about 1.46 trillion U.S. dollars) at the end of March, down 20.2 percent from the end of last year, said the report from the China Academy of Information and Communications Technology.

Tencent, Alibaba and Meituan retained the top three spots in terms of market value in the first quarter.

The report also showed that the revenues of China's listed internet companies rose 12.9 percent year on year to 986.3 billion yuan during the fourth quarter of last year, down 8.3 percentage points from the same period a year ago.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.

More Information

null in null

Business

Section

FTC’s rule to ease subscription cancellations struck down by court

WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...

Musk’s X loses CEO Linda Yaccarino amid AI backlash, ad woes

BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...

Ex-UK PM Sunak takes advisory role at Goldman Sachs

NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...

Gold ETF inflows hit 5-year high as tariffs drive safe-haven bets

LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...

PwC: Copper shortages may disrupt 32 percent of chip output by 2035

AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...

U.S. stocks recover after Trump-tariffs-induced slump

NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...

Asia Pacific

Section