China's Tencent Overtakes Facebook In Market Value

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According to CNBC, Alibaba (baba), Asia's second-highest-valued firm and the closest rival to Tencent, comes in at a valuation of $474 billion, making the tech company the first from China to reach the landmark valuation.

The Shenzhen-based company, which is being headed by Pony Ma Huateng, was first launched in 2004, when the price for its shares was at $3.70 Hong Kong dollars (around $0.47 at the time), or $3,700 Hong Kong dollars ($473.69) for one board lot, which has 1,000 shares. Tencent hit a market cap of HK$3.99 trillion or roughly $510 billion.

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. "Some of this year's best performers are worth holding as long-term bulls", Mr Wang Menghai, a Shanghai-based money manager at Fullgoal Fund Management, told Bloomberg.

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. Last week it said its profits had jumped almost 70 per cent. The messaging app has 500m users in China which acts as a "portal" for thousands of different products, from payments to customer service.

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Online and mobile games are a key part of the business - the division brought in over $4 billion in revenue last quarter.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland. Although as we can see in the above table the battle for fourth place is a lot closer than it is for first; where Apple stands almost $200 billion ahead of Alphabet the company behind Google.

Shares of the 19-year-old group, which is scheduled on the Hong Kong Exchange, assembled to attain HK$418.80 to offer it a market top of HK$3.99 billion which surpasses the $500 billion grade.

Tencent's WeChat has become an extremely popular app in China and some other countries too.

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