Many of you would have already noticed that the term BAT is now rarely used. An acronym for Baidu, Alibaba, Tencent – BAT was used to denote the biggest internet companies in China that dominated the country’s tech market.
Instead, ATM is now trendy. M means Meituan-Dianping, the company whose market cap is now HK$510.4 billion (US$65 billion), far ahead of Baidu’s US$36.5 billion at closing last Friday.
It seems Meituan not only squarely beat Baidu in food delivery – but now has completely overtaken the former champion, who is struggling with its AI initiatives.
We have written a number of blog posts about Meituan:
Not end of the story
Last year, people used MDT to denote rising stars – Meituan, Didi & Toutiao. Didi is now struggling after a few incidents last year, while Toutiao has morphed into ByteDance, last valued at US$75 billion.
Just when you think the game is over, the market always surprises you.
Good that BAT Capital, a Southeast Asia focused fund, has since morphed into ATM Capital, well in anticipation of the tectonic shift.