On May 13, Alibaba (阿里巴巴) and Tencent Holdings (腾讯控股) released their latest financial reports, with computing power and AI expansion becoming the primary focus of market attention. Simultaneously, JD.com (京东) and Pinduoduo (拼多多) are accelerating brand expansion in the cross-border e-commerce sector, while Meituan's (美团) international food delivery business continues to progress.
This indicates that Chinese platform enterprises are transitioning from product and brand exports toward the export of technology and services.
In the AI sector, Alibaba Cloud (阿里云) saw its external commercial revenue growth reach 40%, with AI-related product revenue accounting for over 30% of its total. This AI-related revenue has achieved triple-digit year-on-year growth for 11 consecutive quarters. Regarding Tencent (腾讯), its enterprise services segment revenue grew by 20% year-on-year in the first quarter of 2026. Rising demand for AI-related enterprise and cloud services in both domestic and international markets has driven the growth of its cloud business.
Industry insiders believe that the expansion of Chinese computing power and AI services is the result of combining AI technical capabilities with cost advantages. This reflects a core technology export trend driven by the "hardware infrastructure + software services" dual-engine model. However, the expansion of computing power also faces challenges such as technical autonomy, ecosystem building, industrial synergy, and global compliance.
In cross-border e-commerce, JD.com (京东) officially launched its European online retail brand, Joybuy, in the first quarter. Its overseas delivery service, JoyExpress, has also landed in core European markets, introducing "211" high-efficiency services. By the end of the first quarter, this service covered over 30 major European cities and a population of more than 40 million. Pinduoduo (拼多多) plans to launch a brand self-operation model through "New Pinduoduo" (新拼姆) to drive the upgrade of Chinese manufacturing toward high quality and branding.
Local life services have also become a significant growth direction for platform expansion. Meituan's (美团) international food delivery brand, Keeta, has covered major countries in the Middle East Gulf region and entered the Brazilian market. In the Hong Kong market, Keeta achieved a positive monthly Unit Economics (UE) model in October 2025, and the Saudi Arabian market is expected to achieve positive monthly results by the end of 2026.
Experts point out that the expansion of platform enterprises is driving the transformation of Chinese foreign trade from commodity output to the output of brands, technology, and services. On one hand, platforms can compress the foreign trade chain and help manufacturing enterprises reach overseas end-consumers; on the other hand, they can drive the export of services such as cross-border logistics, digital payments, and marketing compliance.
However, with stricter global regulation, increasing non-tariff barriers, and rising geopolitical risks, compliance and localization capabilities have become critical for platform expansion. In the future, Chinese platform enterprises will need to accelerate the development of local overseas management teams, enhance service capabilities, and maintain continuous investment in cultural adaptation, value contribution, and compliant operations.