China's Tencent Overtakes Facebook in Market Value

Alicia Cross
November 22, 2017

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. In the last quarter alone, gaming accounted for $5 billion, owing to smash hits like Honor of Kings (2017's top grossing game), and the acquisition of the companies behind hit games Clash of Clans (Supercell) and League Of Legends (Riot Games), reports TechCrunch.

A second stock connection with mainland China which opened late previous year has allowed even more money to flow onto the semi-autonomous city's exchange.

The Chinese firm's value overtook Facebook's $519.4 billion market capitalization, which was hit at the close of the USA markets on Monday.

Shares of the 19-year-old company, listed on the Hong Kong Stock Exchange, hit record numbers on Tuesday, rallying to close at HK$430 to give it a market capitalization of some $522 billion-about $3 billion above Facebook's closing valuation of $519 billion Monday.

Facebook is still the world's most popular social network, with around two billion users worldwide.

The tech firm's latest stock market milestone also makes it the first Chinese company to cross the $500 billion mark and helps it keep bragging rights over Chinese internet rival Alibaba, worth $480 billion.

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Tencent became a public company in 2004 in Hong Kong at the per share price of HK$3.70.

Tencent's market cap also now exceeds e-commerce giant Jack Ma's Alibaba Group Holding at $474.15 billion with Baidu far behind at $82.97 billion.

"Some of this year's best performers are worth holding as long-term bulls", said Wang Menghai, a Shanghai-based money manager at Fullgoal Fund Management Co told Bloomberg.

CNBC credits Tencent's rise to its continued revenue growth, massive user base and investments in new areas.

The fintech company continues to show strong growth, as it reported its third quarter financial results last Wednesday.

Other reports by Free-Prsite

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