Editor’s note: A version of this post by Hans Tung and Zara Zhang first appeared on Han’s blog. Hans is Managing Partner and Zara is an analyst at GGV Capital. They publish a weekly newsletter on tech trends in China.

One question I get frequently is: Which tech companies in China are on their way to becoming giants – the next “BAT” (Baidu, Alibaba, Tencent)?

In my opinion, four companies are well-positioned to be the next generation of Chinese tech giants: Toutiao, Meituan-Dianping, Didi – a trio that’s collectively known as “TMD” – and Xiaomi.

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