Baidu falls further behind among China’s biggest tech firms as Meituan, NetEase overtake in market value

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Baidu experienced at 40% slide in its share price this year.

Baidu Inc. has fallen out of the top five most valuable publicly traded Chinese internet companies after its market capitalisation slid below that of gaming and e-commerce pioneer NetEase Inc.

Baidu has seen its market valuation stagnate even as Alibaba Group and Tencent Holdings – which, along with Baidu are referred to by the acronym BAT – surged ahead as China’s internet population embraced mobile payments and shopped, messaged and sought entertainment on their smartphones. Baidu has had a stranglehold on search in China with 70 per cent of the market, especially after Google exited in 2010. But a shift in internet usage patterns has chipped at that dominance, with the rise of self-contained super-app ecosystems by rivals like Alibaba and Tencent. A user could quite easily watch a movie, read news, shop online and order takeaway food without having to leave one of these walled communities or go to a traditional search engine.

 

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