Tencent Passes Facebook in Market Valuation

Tencent becomes the first Chinese tech firm valued over $500B
Chinese internet giant Tencent surpasses Facebook in valuation
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23 November, 2017

The company owns WeChat, an enormously popular messaging app in China, and hit gaming franchises such as League of Legends and Honour of Kings.

Tencent went public in Hong Kong in 2004 at 3.70 Hong Kong dollars per share.

China's Tencent just became the first Asian company to crack the illustrious US$500 billion (S$678 billion) club.

Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion. Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations. Tencent briefly passed Facebook in value on Tuesday, but then gave back the title on Wednesday, when the former was worth $511 billion versus $521 billion for the latter.

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

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Tencent and Chinese internet rival Alibaba Group Holding Ltd. both zoomed into the global top 10 this year, as shares of the pair soared on bullishness about their growth prospects.

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

Company president Martin Lau said Tencent will invest further in digital content, namely online video, with a focus on overseas a acquisitions.

Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China.

Tencent president Martin Lau said last week that its YouTube equivalent, Tencent Video, has become the video streaming service with the largest paying subscriber base in China, at 43 million users.


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