Market Cap of China's Listed Internet Firms Up 5.6% QoQ in Q4 2020
CAICT, 1/07/21
As good fiscal stimulus and vaccine news in countries around the world boosted global stock markets in Q4 2020, total market cap of China's publicly traded Internet companies rose 5.6% QoQ to RMB 17.8 trln, reports the Policy and Economics Research Institute of the China Academy of Information and Communications Technology (CAICT), a department of China's Ministry of Industry and Information Technology (MIIT).
Total Market Cap of China's Publicly Traded Internet Firms
Period | Market Cap (RMB Trln) | QoQ Change |
---|---|---|
2019 Q4 | 11.6 | 18.6% |
2020 Q1 | 11.3 | -2.2% |
2020 Q2 | 15.0 | 32.3% |
2020 Q3 | 16.8 | 11.6% |
2020 Q4 | 17.8 | 5.6% |
As of the end of Q4 2020, China had a total of 178 publicly traded internet enterprises. During the quarter, two additional Chinese internet companies - JD Health International (6618.HK) and 17 Education & Technology Group (Nasdaq: YQ) - had IPOs, and four publicly traded companies - Leyou Technologies Holdings, Baofeng Group, Yintech Investment Holdings, and Bitauto Holdings - delisted.
Q4 2020 Breakdown of Listed Chinese Internet Enterprise Market Cap by Region
Region Where Listed | % of Total Listed Chinese Internet Enterprise Market Cap | QoQ Change (ppts) |
---|---|---|
USA | 51.8% | -2.2% |
Hong Kong | 39.4% | 2.9% |
Mainland China | 8.8% | -0.7% |
As of the end of Q4 2020, China's top 10 listed internet enterprises by market cap comprised a combined 80.9% of China's total listed internet enterprise market cap, representing a 2.1 percentage point QoQ decrease.
China's Top 10 Internet Enterprises by Market Cap (as of Dec 31, 2020)
Rank | Company | Market Cap (RMB trln) | QoQ Change | Ticker |
---|---|---|---|---|
1 | Tencent Holdings | 4.5530 | 5.7% | 0700.HK |
2 | Alibaba Group | 4.0738 | -21.6% | NYSE: BABA; 9988.HK |
3 | Meituan Dianping | 1.4589 | 16.8% | 3690.HK |
5 | Pinduoduo | 1.4217 | 135.1% | NYSE: PDD |
4 | JD.com | 0.8975 | 11.1% | Nasdaq: JD; 9618.HK |
6 | Baidu | 0.4812 | 63.7% | Nasdaq: BIDU |
7 | KE Holdings | 0.4733 | -0.8% | NYSE: BEKE |
8 | NetEase | 0.4318 | 3.1% | Nasdaq: NTES; 9999.HK |
9 | JD Health | 0.4020 | N/A | 6618.HK |
10 | East Money | 0.2670 | 29.2% | 300059.SH |
Of the world's top 30 listed internet enterprises by market cap in Q4 2020, China accounted for 11 enterprises (up one compared to Q3 2020, with the December IPO of JD Health), with a combined market cap of USD 2.0 trln, or 30.8% of the USD 6.64 trln Top 30 market cap. The USA accounted for 16 enterprises, with a combined market cap of USD 4.5 trln, or 67.1% of the Top 30 market cap. Korea, Japan, and Brazil each accounted for one enterprise, with 0.6%, 0.4%, and 1.1% of total Top 30 market cap, respectively.
In terms of revenues in the previous quarter (i.e. Q3 2020), China's listed internet enterprises recorded total revenues of RMB 798.6 bln, up 2.2% QoQ and 29.7% YoY.
China's Listed Internet Enterprises' Combined Revenues
Period | Revenue (RMB bln) | QoQ Change |
---|---|---|
2019 Q3 | 615.7 | |
2019 Q4 | 707.0 | 14.8% |
2020 Q1 | 571.2 | -19.2% |
2020 Q2 | 781.3 | 36.8% |
2020 Q3 | 798.6 | 2.2% |
Three segments - e-commerce, social/online community, and gaming - made up a combined 80.5% of China's total listed internet enterprise revenues in Q3 2020, down 3.0 percentage points compared to Q2 2020. The online real estate, online education, and online medical and healthcare segments recorded strong growth during the quarter, up 36.1%, 42.3%, and 50.5% YoY, respectively.
China's Listed Internet Enterprise Revenues by Segment
Segment | % of China's Total Listed Internet Enterprise Revenue |
---|---|
E-Commerce | 61.4% |
Social/Online Community | 11.0% |
Gaming | 8.0% |
Music & Video | 3.8% |
Search | 3.8% |
Real Estate | 2.9% |
IT Services | N/A |
Portal/E-mail/Online Classifieds | N/A |
Travel & Mobility | N/A |
IDC/CDN | N/A |
Online Education | N/A |
Literature & Entertainment | N/A |
Advertising/Marketing | N/A |
Information Security Services | N/A |
Software Tools | N/A |
Medical & Health | N/A |
Enterprise Services | N/A |
Internet Finance | N/A |
Slight Reversal of Industry Consolidation Trend
China's top 10 listed internet enterprises by Q3 2020 revenues comprised a combined 82.1% of the country's total listed internet enterprise revenues during the quarter, down 3.0 percentage points compared to Q2 2020.
Keywords: Q4 2020 Internet revenue MIIT CAICT national statistics