Industry

Tencent the first Chinese company worth over $500 billion

Tencent the first Chinese company worth over $500 billion”

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.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less. Its market capitalisation, or total value of all the shares in circulation, stood at 3.99 trillion Hong Kong dollars ($510.7 billion) at the market close.

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. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.

Chinese stocks glowed red hot in Hong Kong on Tuesday, with heavyweight Ping An Insurance Group Co. and China Pacific Insurance Group Co. surging more than 7 percent amid optimism over earnings growth. Despite their huge size, each company consistently posts solid double-digit growth both in terms of profits and revenue, as they consolidate their leading positions in e-commerce for Alibaba and online gaming for Tencent. This came after the market value for the company reached a record $500 billion.

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Tencent also acquired a majority stake in Finnish smartphone maker Supercell, the firm behind the popular Clash Of Clans mobile game.

Tencent, led by Pony Ma, a Chinese billionaire is not known as a consumer name globally but its WeChat app dominates in China, where Facebook, Twitter, and Google are banned.

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