Listed Chinese internet companies see market capitalization surge in Q1

BEIJING - China's listed internet companies worldwide see their market capitalization surge in the first quarter of 2019, according to a report released by the China Academy of Information and Communications Technology (CAICT).

The market capitalization of 172 listed Chinese internet companies amounted to 10.19 trillion yuan ($52 trillion) in Q1, up 27.4 percent month on month, the report showed.

The surge was attributed to the bullish global stock market and the increasing number of newly-listed companies, said the report.

Among the top 30 listed internet companies worldwide, 11 of them are from China with a market capitalization of 950 billion dollars.

In breakdown, among the 11 Chinese listed internet companies, the e-commerce giant Alibaba Group, tech giant Tencent and search engine giant Baidu took up the top three spots with a combined market capitalization of about 6.5 trillion yuan as of Q1.

In Q4 last year, the listed Chinese internet companies generated revenue of 509.3 billion yuan, up 30 percent yea-on-year, CAICT data showed.

Businesses of e-commerce, social networks and games contributed over 80 percent to the companies' revenue, according to the report.