Report: At the end of the second quarter, the total market value of listed internet companies in China was RMB 9.95 trillion, an increase of 5.9% compared to the previous period

Recently, the China Academy of Information and Communications Technology released a report on the operating conditions of China's Internet-listed companies in the second quarter of 2024. The data shows that in the second quarter of 2024, with significant declines in inflation data in various countries and an increase in market expectations of a Fed rate cut, major global stock indices showed differentiation. The AI ​​technology wave drove the Nasdaq and Hang Seng Technology Index to rise, boosting market confidence, and the market value of China's listed Internet companies rose slightly. As of the end of June 2024, the total market value of China's listed Internet companies was 9.95 trillion yuan, up 5.9% from the previous quarter. The report shows that in Q1 2024, the revenue share of China's Top 10 listed Internet companies reached 89.3%, up 5.3 percentage points from Q4 2023, with revenue growing by 16.4% year-on-year, higher than the overall revenue growth of listed Internet companies. Tencent and Alibaba benefited significantly from the effectiveness of their AI layout, driving steady growth in core businesses; JD.com, Pinduoduo, and Meituan benefited from the continued economic recovery, stable consumer market, active expansion of overseas business, and the continuous release of supply chain infrastructure efficiency, driving revenue to achieve high-speed growth