Thursday, 14 December, 2017

The world's fifth largest company is now Tencent, not Facebook

WeChat mascots are displayed inside Tencent office at TIT Creativity Industry Zone in Guangzhou China Tencent to Be The Foremost Chinese Tech Firm Priced Greater than $500B
Terence Owen | 21 November, 2017, 18:53

By Tuesday afternoon Tencent's market capitalisation had reached 4.15 trillion Hong Kong dollars ($531 billion), surpassing the U.S. social network's $519 billion.

With a valuation of $48.3bn, Forbes magazine has stated that Tencent's chief executive, Ma Huateng, is worth more than the founders of Google, Larry Page and Sergey Brin. Investors have piled bets on the company's forays into mobile gaming and video streaming.

After Tencent, rival Alibaba Group ranks second among Asian firms with a market value of $481.5 billion, while South Korea's Samsung Electronics is No. 3 at $364 billion.

Earnings for China's biggest social network and gaming firm have surged on the popularity of its smartphone games led by titles such as Honour of Kings - a fantasy role-playing game, which has as many active players as the population of Germany.

Crossing the $500 billion mark now places the 19-year-old company Tencent in the same league as that of Microsoft, Facebook, Alphabet, Apple and Amazon.

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Internet and game juggernaut Tencent has become the first Chinese tech company to reach a stock market valuation of over $500 billion. It's also made a series of investments in startups across Asia.

Online and mobile games are a key part of the business - the division brought in over United States dollars 4 billion of revenues last quarter.

The stock has rallied strongly in November following the red-hot public offering of its online publishing unit and after quarterly results smashed through expectations.

Tencent still has a way to go if it wants to catch up with Silicon Valley's top tech titans.

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

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