Shenzhen-based technology firm Tencent has surpassed Alibaba Group and became the leader of China’s 2017 Top 100 Internet Companies, The Paper reported on Thursday, citing data released by the Internet Society of China and the Ministry of Industry and Information Technology.
Baidu, China’s main search engine, was listed third among the big three Internet giants.
Telecommunications company Sina and group-buying website Meituan.com were the two newcomers to the Top 10 list. Meanwhile video-streaming service provider LeEco vanished from this year’s Top 100 because of an ongoing debt crisis, the report said.
The Top 100 Internet Companies list has been released annually since 2013, based on comprehensive evaluation of company size, profitability, innovation, growth, influence and social responsibility.
According to the report, the total income of China’s Top 100 Internet Companies rose 46.8% year on year to 1.07 trillion yuan (US$159 billion) in 2016, surpassing the trillion-yuan mark for the first time.
Tencent and Alibaba together accumulated 28% the Top 100’s total revenue and 73.2% of total profits, it said.
The Top 100 also increased spending on research and development to 75 billion yuan in 2016, a 29.7% increase compared with the previous year.
Zhang Feng, chief engineer of the Ministry of Industry and Information Technology, has called on China’s leading Internet players to “boost research and development efforts as well as cultivate more talents and actively explore overseas markets”, a China News Service report said.