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Listed Chinese internet companies see market capitalization surge in Q1

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 (about 1.52 trillion U.S. dollars) 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 year 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.
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