Top Chinese internet giants have seen hundreds of billions slashed from their market value in 2021, as the ongoing regulatory storm and bolder enforcement spooked investors.
From Jan. 26 to Dec. 28, Nasdaq-listed e-commerce giant Pinduoduo Inc. posted a 67% decline in its market cap, which fell from 1.38 trillion yuan ($216.5 billion) to 450 billion yuan. Alibaba Group Holding Ltd., the New York-listed e-commerce behemoth slapped by a record high antitrust fine, also saw its market value drop 57% to 1.99 trillion yuan.
The remaining four companies in the chart — Baidu Inc., Tencent Holdings Ltd., Meituan, and JD.com Inc. — have also been punished by the antitrust regulator this year. Their market value slid by between 32% and 44% from late January to late December. China’s largest firm by market cap, Hong Kong-listed Tencent lost about 2 trillion yuan in the period.
Contact reporter Manyun Zou (manyunzou@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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