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23 November 2017, 12:32 | Harold Aguilar
Tencent becomes the first Chinese tech firm valued over $500B
The market movement made China's Tencent one of the world's top five most valuable companies, although it is still far short of leader Apple which is now valued at $873 billion.
The company went public in Hong Kong in 2004 at 3.70 Hong Kong dollars per share.
Chinese social networking giant Tencent Holdings Ltd. briefly passed us 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.
Tencent's market cap now exceeds e-commerce giant Alibaba Group Holding's US$474.15 billion, with Baidu behind at US$82.97 billion.
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. Just last week, Tencent reported a 67% rise in its net profit for the third quarter.
Tencent is certainly creeping up on USA based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion. Revenue rose by 61% thanks to its games division, which focuses on PC and mobile. Tencent's stock this year alone is up 126.69 percent.
Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the USA, most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.
During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland. This combined with its 1 billion large WeChat user base in China has helped Tencent reach its $500 billion heights.
Tencent's WeChat has become an extremely popular app in China and some other countries too. 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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