(Yicai Global) April 6 -- More than half of China’s 20 highest-earning internet-based firms are based in Beijing, mainly due to the large pool of talent and concentration of innovative industries available in the area.

Twelve of the 20 biggest earners, including takeout giant Meituan, search engine firm Baidu, e-retailer JD.com, ride-hailing behemoth Didi Chuxing and TikTok operator ByteDance, are located in Beijing, according to a recent poll by the Internet Society of China and the Ministry of Industry and Information Technology.

This “flocking” phenomenon is a sign of the industry maturing, said Xie Chen, head of research at the China division of US real estate services firm CBRE Group. Companies find it easier to recruit specialized skilled workers in the capital and to keep up with innovation trends.

Of the top 20, e-marketplace Pinduoduo and online travel agency Trip.com are based in Shanghai, internet giant Tencent Holdings is located in Shenzhen, and the Alibaba Group Holding family is all in Hangzhou.

Editor: Kim Taylor