Tencent overtakes Facebook to enter world's top five most valuable listed companies

Ivan Schwartz
November 22, 2017

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 value of the Chinese company surpassed that of Facebook, which as of the close of the markets Monday in the US sat at $519.5 billion.

China's internet giant Tencent is now the most valuable listed firm in Asia, due to its stock value surging to US$510.7bn.

Admission to the half-a-trillion-dollar-club which comprises of Apple, Alphabet, Facebook, Microsoft, and Amazon - approaches a week after Tencent posted benefits of 18 billion RMB ($2.7 billion) on incomes of 65.2 billion RMB ($9.8 billion) for Q3 2017.

Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations, AFP reported.

Tencent became a public company in 2004 in Hong Kong at the per share price of HK$3.70. It brings the personal wealth of Tencent founder and chief executive Ma Huateng-also known as Pony Ma and no relation-close to $47 billion.

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"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. 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.

Tencent is attempting to become bigger outside China, but not through the expansion of its products.

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

Tencent's market cap has furthermore than tripled ever since March 2014 when it attained $150 billion, exceeding Intel in the course.

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

Other reports by GizPress

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