China’s Big Tech market cap rankings see shake up as NetEase overtakes Meituan for No 4 spot
- NetEase’s market cap stood at HK$563.2 billion (US$72.1 billion) in Hong Kong on Thursday, compared with Meituan’s HK$510.5 billion
- PDD overtook Alibaba in late November, after posting better-than-estimated quarterly revenues thanks to the rapid expansion of the Temu app
China’s Big Tech landscape continues to undergo seismic shifts, with video gaming and news portal NetEase overtaking food delivery giant Meituan as the country’s fourth most valuable listed technology company, after Tencent Holdings, PDD Holdings and Alibaba Group Holding.
NetEase’s market cap stood at HK$563.2 billion (US$72.1 billion) in Hong Kong on Thursday, compared with Meituan’s HK$510.5 billion. On Wednesday, the gaming giant’s shares grew 1.7 per cent, driving its market cap up to HK$542.5 billion, ahead of Meituan.
NetEase is now the fourth largest Chinese internet company by market cap, after gaming and social media giant Tencent, PDD, the owner of Pinduoduo marketplace in China and Temu overseas, and e-commerce titan Alibaba, which owns the South China Morning Post.
Representatives from NetEase and Meituan did not immediately respond to a request for comment.
Tencent still tops the list with a market cap of HK$2.9 trillion in Hong Kong on Thursday. PDD, listed in Nasdaq, had a market cap of US$194.5 billion at the end of the most recent US trading day, higher than Alibaba’s HK$1.4 trillion (US$181.6 billion) at the close of Hong Kong trading on Thursday.