China's Tencent Overtakes Facebook In Market Value

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

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. Goldman Sachs Group sees the gauge climbing to 32,000 by the end of next year, according to a note dated yesterday, while Bocom International Holding's chief strategist Hao Hong says a rally in Chinese banks, insurers and technology shares will continue amid improving asset quality and earnings growth.

Chinese tech giant Tencent Holdings Ltd. has surpassed Facebook Inc.in market value and taken its spot as the world's fifth largest company.

The valuation pushes Facebook out of the Global Top 5 companies for most valuable stocks, which now features Apple, Google's parent Alphabet, Microsoft, Amazon and now Tencent. The company is now closing in on the biggest businesses in the world including Facebook and Amazon.

Tencent becomes the first Chinese tech firm valued over $500B
China's biggest social media company Tencent is now worth more than Facebook

Hong Kong's Hang Seng Index cleared the 30,000 barrier for the first time in a decade in early trading on Wednesday, as financial companies rallied. Just last week, Tencent reported a 67% rise in its net profit for the third quarter. This came after the market value for the company reached a record $500 billion. Tencent's three streaming platforms give it a 75% share of the local music streaming market. Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends. One of its key products is China's most popular messaging service, WeChat, which is now approaching 1 billion users.

Quoting the BBC, Tencent also owns shares in Snap, the company behind Snapchat, Lyft ride-sharing app and Tesla electric vehicle maker.

Tencent is certainly creeping up on USA based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

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