The word BAT seems to be the past, as AT (Alibaba & Tencent) have evolved into bigger ecosystems and entered into the league of $400 billion market cap club.
- Alibaba market cap $459.43 billion
- CYQ2 – Revenue was RMB114,924 million, an increase of 42% year-over-year (just reported CYQ3 revenue RMB119,017 million)
- Tencent market cap $396.57 billion
- CYQ2 – Total revenues were RMB88,821 million, an increase of 21% year-over-year.
Other internet companies, including Baidu, are in another league. Ranked by market cap:
- Meituan market cap HK$543.24 billion, ~$69 billion
- CYQ2 – Total revenues increased by 50.6% year-over-year to RMB22.7 billion (Total Gross Transaction Volume (GTV) on our platform grew by 28.7% to RMB 159.2 billion)
- Pinduoduo market cap $48.23 billion
- CYQ2 – Total revenues in the quarter were RMB7,290.0 million, an increase of 169%
- JD.com market cap $45.78 billion
- Net revenues for the second quarter of 2019 were RMB150.3 billion, an increase of 22.9% from the second quarter of 2018 (JD uses traditional retail model that takes inventory, so revenue includes value of goods sold)
- Baidu market cap $36.47 billion
- CYQ2 – Total revenues reached RMB 26.3 billion, increasing 1% year over year, or 6% year over year, excluding the impact of announced divestures
Also, private companies such as ByteDance is also in this league.