China’s internet economy has evolved rapidly over time, enough to even rival its Silicon Valley counterpart. In 2024, Tencent Holdings remained its title of the most valuable internet company in China, with a market value of around 3.42 trillion yuan. ByteDance surpassed Alibaba Group to claim the second place with 1.63 trillion yuan. Baidu dropped out of the top ten chart.
Who are the new BAT trinity?
The new BATs – ByteDance, Alibaba, and Tencent — are China's three technology titans. ByteDance, the creator of TikTok and its Chinese sister app Douyin, accounted for 31 percent of China’s mobile app usage time, overtaking the long-time champion Tencent in 2022. Meanwhile, the Alibaba Group offers various e-commerce services with the domestic retail segment being its largest revenue generator. Similarly, Tencent Holdings, of the WeChat and QQ apps fame, earned most of its revenue through its value-added services.
China’s budding tech players
While being the underdogs of the Chinese IT scene, domestic companies such as Pinduoduo and Meituan have received global recognition. With a brand value of 20 billion yuan, Pinduoduo has climbed to be one of the strongest retail brands in the world, ranking right after IKEA and Aldi. Meituan, which is famous for its food delivery app, alone earned 277 billion yuan worth of revenue in 2023. On the other hand, Baidu, China’s most popular search engine, has lost its former BAT trinity title.
Leading internet companies in China in 2024, based on market valuation
(in billion yuan)
among non-state owned enterprises in mainland China; refer to the 500 most valuable companies based on sales revenue
Supplementary notes
One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of March 2025).
The market values of listed companies were based on the closing prices on November 15, 2024. For the valuation of private companies, market values of other companies from the same industry or the latest M&A data were included in the estimations.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Hurun Research Institute. (February 25, 2025). Leading internet companies in China in 2024, based on market valuation (in billion yuan) [Graph]. In Statista. Retrieved April 20, 2025, from https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. "Leading internet companies in China in 2024, based on market valuation (in billion yuan)." Chart. February 25, 2025. Statista. Accessed April 20, 2025. https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. (2025). Leading internet companies in China in 2024, based on market valuation (in billion yuan). Statista. Statista Inc.. Accessed: April 20, 2025. https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute. "Leading Internet Companies in China in 2024, Based on Market Valuation (in Billion Yuan)." Statista, Statista Inc., 25 Feb 2025, https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
Hurun Research Institute, Leading internet companies in China in 2024, based on market valuation (in billion yuan) Statista, https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/ (last visited April 20, 2025)
Leading internet companies in China in 2024, based on market valuation (in billion yuan) [Graph], Hurun Research Institute, February 25, 2025. [Online]. Available: https://www.statista.com/statistics/954867/china-leading-internet-companies-based-on-market-value/
