The interesting counterpoint to this, though, is that China is less concentrated in spots 1-5, but way more concentrated comparing the Top 5 vs. the rest.
Among Internet brands, the classic $100bn+ market cap companies of Tencent/Alibaba/Meituan/PDD/JD/Bytedance are followed by Baidu/Kuaishou both around $30bn and then not many other meaningful names.
Compare this to the US where Google/Amazon/PayPal/Netflix/Facebook/Booking.com/Airbnb/Uber/Square/eBay/DoorDash/Zoom form a much smoother distribution, probably because the scaling advantages of US app stores.
Among Internet brands, the classic $100bn+ market cap companies of Tencent/Alibaba/Meituan/PDD/JD/Bytedance are followed by Baidu/Kuaishou both around $30bn and then not many other meaningful names.
Compare this to the US where Google/Amazon/PayPal/Netflix/Facebook/Booking.com/Airbnb/Uber/Square/eBay/DoorDash/Zoom form a much smoother distribution, probably because the scaling advantages of US app stores.