The market value of China's listed internet companies rose steadily in the first quarter of 2023, as domestic policies stabilized and the economy picked up, according to a report from the China Academy of Information and Communications Technology (CAICT).

By the end of March, the total market value of China's listed internet companies was 11.1 trillion yuan (about $1.56 trillion), up 7.8% from the end of 2022, said the CAICT, a research institute under the Ministry of Industry and Information Technology.

In terms of market value, the top three positions are held by the tech giants Tencent, Alibaba and Meituan.

The report showed that the revenues of listed internet companies rose 6.3% year on year to 1.08 trillion yuan in the fourth quarter of 2022.