Tencent: First Chinese Company to top $500 Billion Valuation

Posted November 23, 2017

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

The technology firm, which has its base in China, is the first Asian company to reach such a high number.

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 hit a market cap of HK$3.99 trillion or roughly $510 billion.

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The company went public in 2004 at HKD 3.70 a share. Since then, it has rallied over 11,000 percent. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion.

Tencent's share price was lifted by the announcement that it would roll out its WeChat payment services in Malaysia next year.

Tencent is now closing in on the likes of Facebook and Amazon.

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The company's shares have been driven up by Tencent's continued revenue growth, which could be attributed to its huge user base and a number of investments in new, and profitable areas. Last week it said its profits had jumped almost 70 per cent.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the U.S., most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.

Mobile and online games are an important part of its business, as the division took in more than $4 billion worth of revenue during the most recent quarter. The number is likely to increase after the company acquired a majority stake in the Finnish smartphone maker, Supercell. 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. 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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