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NetEase overtakes Meituan to become China's fourth largest Internet company by market value
NetEase overtakes Meituan to become China's fourth largest Internet company by market value
According to news from this website on December 14, as of the closing of Hong Kong stocks on December 13, NetEase’s market value reached HK$542.5 billion, surpassing Meituan and becoming the fourth largest Internet company in China by market value, second only to Tencent, Pinduoduo and Alibaba Baba
In February 2021, when the overall valuation of Chinese concept stocks reached its peak, the market value of Meituan was about four NetEase. In just over two years, NetEase’s market value has surpassed Meituan.
According to late financial reports, the reason why NetEase can surpass Meituan is because its market value has fallen less. Since its market value peaked in 2021, NetEase's market value has fallen by 21%, while Meituan has plummeted by more than 80%
It is reported that Meituan's market value peak occurred in April 2021, when its market value reached It raised HK$2.6 trillion, surpassing Alibaba and becoming China's largest Internet company by market capitalization. At that time, Meituan made a big move into the field of community group buying.
This site noticed that the latest financial report showed that in the third quarter of 2023, NetEase’s revenue was 27.3 billion yuan, a year-on-year increase of 12%. Among them, revenue from core business games and related value-added services increased by 16.5% year-on-year to 21.8 billion yuan. Under non-GAAP accounting principles, the net profit from continuing operations attributable to the company's shareholders was RMB 8.6 billion.
Meituan achieved revenue of 76.47 billion yuan in the third quarter, a year-on-year increase of 22.1%; adjusted net profit was 5.73 billion yuan, a year-on-year increase of 62.4%. In the earnings call, Meituan CEO Wang Xing said that management has full confidence in the company's long-term growth potential. The current stock price of Meituan in the secondary market only reflects the valuation of the single takeaway business and does not meet the company's intrinsic value. , is considering advancing a $1 billion buyback plan.
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