Chinese Tech Company Competes in Elite $500 Billion Club

Tencent becomes the first Chinese tech firm valued over $500B

Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.

Shares of the Chinese fintech company, listed on the Hong Kong Stock Exchange, surged to $420.00, jumping 4.1 percent.

Chinese social networking giant Tencent Holdings Ltd. briefly passed USA peer Facebook Inc.in market value to become the world's fifth most valuable company, following a major rally on bullish sentiment about the former's growth prospects.

On Tuesday, the Chinese giant behind the WeChat messaging app surpassed Facebook in value after its shares hit a record high of 439.6 Hong Kong dollars giving it a market capitalization of $534.5bn, surpassing Facebook's value of $519bn.

Tencent now sits alongside a handful of USA companies you are much more likely to have heard of: Apple, Amazon and Microsoft. Last week, the Chinese company reported a 67 per cent year-on-year rise in net profit for the third quarter, beating market expectations.


Tencent is certainly creeping up on US based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion. Revenue rose by 61% thanks to its games division, which focuses on PC and mobile. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel.

WeChat Pay is embedded in WeChat, China's dominant social messaging app with almost 1 billion users, according to AUB.

Other fast-growing parts of the business include digital content such as video, as well as online advertising, said CNBC.

Tencent is attempting to become bigger outside China, but not through the expansion of its products. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.

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