The Asia Global Payment Summit. Bali, Indonesia. 10-11 October 2019

Major Chinese Internet Companies See Revenues Rise over 20% YoY, Profits Leap 32.7%

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Official data points to a sizeable rise in the revenues of China’s large-scale internet companies since the start of 2019.

The operating revenues of internet and related services enterprises of designated size and above (规模以上互联网和相关服务企业) were 752.2 billion yuan for the period from January to August of 2019, according to data from the Ministry of Industry and Information Technology (MIIT).

The revenue figure marks an increase of 20.9% compared to the same period last year, as well as an acceleration of 0.2 percentage points compared to the same period in 2019, and an acceleration of 0.2 percentage points compared to the period from January to July.

MIIT further pointed out that sector-wide operating profits for the period from January to August were 70.9 billion, for a YoY increase of 32.7%, and an acceleration of 19.7 percentage points compared to the same period last year.

Sector-wide R&D investment was 31.3 billion yuan for the period from January to August, for a YoY rise of 21.0%, and a YoY acceleration of 4.1 percentage points.

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