China’s listed internet firms see combined market value down 20.2 pct

China’s listed internet companies saw their combined market value fall sharply during the first quarter, partly weighed down by pressure from U.S. auditing authorities and the resurgence of domestic COVID-19 cases, according to an industry report.

The total market value of China’s listed internet firms fell to 9.9 trillion yuan (about 1.46 trillion U.S. dollars) at the end of March, down 20.2 percent from the end of last year, said the report from the China Academy of Information and Communications Technology.

Tencent, Alibaba and Meituan retained the top three spots in terms of market value in the first quarter.

The report also showed that the revenues of China’s listed internet companies rose 12.9 percent year on year to 986.3 billion yuan during the fourth quarter of last year, down 8.3 percentage points from the same period a year ago.