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NetEase's anti-super beauty group became the fourth largest Internet company in China by market capitalization.

2024-03-01 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Thanks to CTOnews.com netizen Jiayi for your clue delivery! CTOnews.com, December 14, when Hong Kong stocks closed on December 13, NetEase surpassed Meituan with a market capitalization of 542.5 billion Hong Kong dollars to become the fourth largest Internet company in China by market capitalization, after Tencent, pinduoduo and Alibaba.

In February 2021, when the overall valuation of Chinese stocks peaked, Meituan's market capitalization was about four NetEase. However, for more than two years, NetEase's market capitalization has been against the super beautiful group.

According to later financial reports, NetEase was able to oppose the super beauty group because it fell less than Meituan. Since its peak in 2021, NetEase's market capitalization has fallen by 21 per cent, while Meituan has plummeted by more than 80 per cent.

It is reported that Meituan's market capitalization peaked in April 2021, when its market capitalization reached 2.6 trillion Hong Kong dollars, surpassing Alibaba to become the largest Internet company in China. At that time, Meituan entered the field of community group buying on a large scale.

CTOnews.com noted that NetEase's revenue in the third quarter of 2023 was 27.3 billion yuan, up 12% from a year earlier, according to the latest financial report. Among them, revenue from core business games and related value-added services increased by 16.5% to 21.8 billion yuan compared with the same period last year. Under non-generally accepted accounting standards, the continuing operating net profit belonging to the shareholders of the company is 8.6 billion yuan.

Meituan's revenue in the third quarter was 76.47 billion yuan, an increase of 22.1% over the same period last year, and its adjusted net profit was 5.73 billion yuan, an increase of 62.4% over the same period last year. At the earnings call, Meituan CEO Wang Xing said that the management has full confidence in the company's long-term growth potential. At present, Meituan's share price in the secondary market only reflects the valuation of a single takeout business, which is not in line with the intrinsic value of the company, and is considering promoting a buyback plan worth 1 billion US dollars.

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