China's E-commerce Giant Alibaba Tops the List of Global Internet Companies
Hangzhou, the capital of China's Zhejiang province and home to e-commerce giant Alibaba, tops the list of global internet companies.
According to a recent report by the China Internet Network Information Center (CNNIC), Alibaba Group Holding Ltd. has replaced Tencent Holdings Ltd. as the world's largest internet company by market capitalization.
Alibaba's market capitalization reached $460 billion as of June 30, 2018, while Tencent's market capitalization was $443 billion. The report also found that Alibaba's revenue grew by 56% year-over-year to $25.02 billion in the quarter ended June 30, 2018, while Tencent's revenue grew by 38% year-over-year to $18.85 billion in the same period.
Alibaba's growth has been driven by its e-commerce business, which accounted for 86% of its revenue in the quarter ended June 30, 2018. The company's e-commerce platforms include Taobao Marketplace, Tmall, and AliExpress.
Tencent, on the other hand, has a more diversified business model. The company's revenue comes from a variety of sources, including online games, social media, and cloud computing.
The rise of Alibaba and Tencent is a sign of the growing importance of the Chinese internet market. China is now the world's largest internet market, with over 800 million internet users. This growth is being driven by the increasing adoption of smartphones and mobile internet.
Comments