Tencent: First Chinese Company to top $500 Billion Valuation

23 November, 2017, 00:30 | Author: Darrell Baldwin
  • Chinese Tech Company

Still, Tencent is not well-known outside of China, but owns the country's most popular messaging service, WeChat, which has close to 1 billion users.

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

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.

This is a huge win for the company as Tencent Holdings Ltd. now has a market value that is more than that of Facebook. Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations.

CNBC credits Tencent's rise to its continued revenue growth, massive user base and investments in new areas. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg.




It is closing in on U.S. technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion. Last week, it reported a 69 per cent year-on-year rise in net profit for the third quarter to 18 billion yuan (S$3.7 billion), beating market forecasts. Stock at Tencent in 2017 alone has surged an awesome 126.7%.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.

Other fast-growing parts of the business include digital content such as video, as well as online advertising.

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.

Tencent is attempting to become bigger outside China, but not through the expansion of its products. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola.

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