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TechnologyBaidu Bumped From China’s Internet Top 5 List Again

10:35  30 august  2019
10:35  30 august  2019 Source:   msn.com

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That puts it among China ’ s Top 5 internet companies in market value, trailing the likes of rival JD.com Inc. and food delivery service Meituan. Baidu has been pushed to sixth place.It’s not the first time that Baidu dropped from the Top 5 . NetEase Inc., China ’ s second-largest gaming house

That puts it among China ' s Top 5 Internet companies in market value, trailing the likes of rival JD.com Inc and food delivery service Meituan. Baidu has been pushed to sixth place. It's not the first time that Baidu dropped from the top 5 . NetEase Inc, China ' s second-largest gaming house, briefly overtook

(Bloomberg) -- Baidu Inc. has once again lost its spot among China’s five most valuable internet companies, this time elbowed out by much younger rival Pinduoduo Inc.

The four-year-old e-commerce startup PDD is now worth more than Baidu after its shares surged 8.7% in New York on Thursday. That puts it among China’s Top 5 internet companies in market value, trailing the likes of rival JD.com Inc. and food delivery service Meituan. Baidu has been pushed to sixth place.

Baidu Bumped From China’s Internet Top 5 List Again© Bloomberg PDD overtakes the search leader as China's No. 5 internet firm

It’s not the first time that Baidu dropped from the Top 5. NetEase Inc., China’s second-largest gaming house, briefly overtook the local internet search leader in market value earlier this month. Baidu’s shares later recovered after it posted stronger-than-expected second-quarter results. The company has shed about $63 billion of capitalization since its peak in May 2018, or roughly equivalent to one Caterpillar Inc.

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Baidu Inc has once again lost its spot among China ’ s five most valuable internet companies, this time elbowed out by much younger rival Pinduoduo Inc, or PDD. The four-year-old e-commerce startup PDD is now worth more than Baidu after its shares surged 8.7% in New York on August 29.

Baidu , China ' s search giant, has had a bumpy week compared to its BAT peers. Guo Haipeng—VCG via Getty Images. Baidu , the country's largest search engine, saw its market value sink to .2 billion on Wednesday, a dip that pushed it out of the country's top five most valuable Internet

Once touted as a member of China’s internet triumvirate alongside Alibaba Group Holding Ltd. and Tencent Holdings Ltd., Baidu is grappling with a slowdown in China’s economy and is facing intensifying competition for advertising from app factory ByteDance Inc. That popular social media giant recently launched its own Google-like general search engine, posing a direct challenge to Baidu’s core business.

PDD has experienced meteoric growth since its inception. The shopping app, known for cheap deals and gamified purchasing experiences, is luring new users from China’s rising middle class while investing in its own logistics network -- areas currently dominated by rivals Alibaba and JD.com.

To contact the reporter on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.net

To contact the editors responsible for this story: Edwin Chan at echan273@bloomberg.net, Colum Murphy

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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