China’s favorite food delivery service is now worth more than its biggest internet search firm

The triumvirate of China’s biggest tech giants has long been known by the acronym BAT, short for Baidu, Alibaba, and Tencent. Together, they’ve dominated search, e-commerce, and social media, respectively, helping them become the most valuable listed Chinese companies. On May 20, one of China’s newer tech giants, Hong Kong-listed food delivery firm Meituan Dianping, saw its market cap edge above Baidu’s, according to Factset and Ychart data.