Tencent to Be The Foremost Chinese Tech Firm Priced Greater than $500B

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

"Tencent's high growth, as demonstrated by its quarterly results, has supported the rally in its shares".

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

We're talking about some of the biggest companies in the world that include Google/Alphabet, Facebook, Microsoft, Microsoft, NVIDIA, Amazon, and more.

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

Massive Chinese tech company Tencent just hit a new milestone, exceeding 3.99 trillion Hong Kong dollars ($510 billion) in market value.

By Tuesday afternoon, Tencent's market capitalisation had reached 4.15 trillion Hong Kong dollars ($531 billion), surpassing the U.S. social network's $519 billion. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.

Tencent has also acquired stakes in both Tesla and Snap (both U.S companies), and invested in numerous start-ups in Asia, including India's Uber rival Ola. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg.

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Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter.

Tencent's share price was lifted by the announcement that it would roll out its WeChat payment services in Malaysia next year. The number is likely to increase after the company acquired a majority stake in the Finnish smartphone maker, Supercell.

The company's key product is popular messaging service WeChat, which is closing in on 1 billion users overall (but hasn't seen that same success overseas). Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends. Tencent is now attempting to take over the USA market and has acquired stakes in both Tesla and Snap.

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It is closing in on USA technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion.

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