BAT, a term used to describing the three dominant Chinese Internet giants Baidu, Alibaba and Tencent, could soon become JAT, as the value of search engine Baidu Inc. looks likely to be overtaken by JD.com Inc.
JD.com Inc. released its 2017 first quarter earnings report this Monday, recording net income of RMB355.7 million (US$51.7 million), the first time the company turned a profit since it was listed on the NASDAQ in 2014. The news sent its stock price up 7% to US$38.32 apiece at yesterday's close, bringing its market capitalization to around US$55 billion, only 16% lower than that of Baidu.
Baidu is struggling to keep up with its peers. At the beginning of this month, its market value was US$64 billion, less than a third of Alibaba's US$291 billion and Tencent's US$300 billion. Baidu's total value has dropped 15% over the past two years,...
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