Aug 15, 2019 (China Knowledge) - Fintech giant Ant Financial, widely known for its mobile payment platform Alipay, debuts on the list of China's 100 best internet companies, replacing NetEase (NTESE) as the fifth place. Internet unicorns including TikTok-owner ByteDance account for one-quarter of the top 100 best firms, with the ratio up by 38.9% year on year.
The list was published by the Internet Society of China and the Ministry of Industry and Information Technology in an annual report yesterday, which evaluates companies according to six factors, including business scale, profitability, innovation, growth, influence, and social responsibility.
More internet unicorns in China are now competing with leading internet companies, such as Tencent Holdings (000700) and Baidu (BIDU), with increasing investment to spur innovation. The research and development expenses of Chinese internet firms have risen by 45.1% year on year to RMB 153.87 billion (USD21.9 billion), and the top 100 internet firms spent an equivalent of over 10% of their revenues on R&D, much higher than the domestic sectors’ average of 2.1%.
Chinese internet companies are also devoted to developing technologies based on the 5G network, artificial intelligence, cloud computing and Big Data, having already achieved almost 80,000 patents.
Alibaba is ranked first this year in this annual report by Internet Society of China and the Ministry of Industry and Information Technology.
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