The rise of new technology giants from China

Google, Amazon, Facebook and Apple (‘GAFA’) may still be the world’s largest technology companies, but a new generation of technology contenders is coming from the East. Alibaba and its peers Baidu, Tencent and Xiaomi (popularly termed ‘BATX’ in China), not only lead but also create and disrupt markets. With a combined market capitalization of about $900 billion, incubating over 1,000 new ventures within a decade and an average annual growth of over 50 percent, they are showing their unprecedented growth and relentless ambition to the world. Did you know that Tencent’s WeChat has over 1 billion users worldwide? Xiaomi bested Apple in the Chinese market, just 4 years after establishment. Baidu is one of the big boys in artificial intelligence (AI), not less than Google and Microsoft. GAFA needs to be aware of the rise of BATX.

Read More: Financial Times (Chinese) China Daily