Technology

Disruptive move: China's Tencent surpasses Facebook in valuation

Disruptive move: China's Tencent surpasses Facebook in valuation”

Tencent joins other major USA tech companies such as Amazon, Facebook, Apple, and Alphabet, who have all also surpassed the $500 billion valuation mark.

The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon.

We're talking about some of the biggest companies in the world that include Google/Alphabet, Facebook, Microsoft, Microsoft, NVIDIA, Amazon, and more.

The Hong Kong-listed internet giant, known for its WeChat messaging app and online games, saw shares rally to 420 Hong Kong dollars ($53.76) on Monday.

Tencent became a public company in 2004 in Hong Kong at the per share price of HK$3.70. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry. 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.

The company's key product is popular messaging service WeChat, which is closing in on 1 billion users overall (but hasn't seen that same success overseas). In the last quarter alone, gaming accounted for $5 billion, owing to smash hits like Honor of Kings (2017's top grossing game), and the acquisition of the companies behind hit games Clash of Clans (Supercell) and League Of Legends (Riot Games), reports TechCrunch.

However, the company is not satisfied.

Quoting the BBC, Tencent also owns shares in Snap, the company behind Snapchat, Lyft ride-sharing app and Tesla electric vehicle maker.

Tencent is certainly creeping up on US based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion.

Shares of Tencent set new record highs on Tuesday during Asian trading giving the company a HK$4.17 trillion market capitalization equal to $534.5 billion.



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