Tencent to Be The Foremost Chinese Tech Firm Priced Greater than $500B
Nov 23, 2017, 00:31
Tencent's market cap has furthermore than tripled ever since March 2014 when it attained $150 billion, exceeding Intel in the course.
Tencent's stock has shot up 121.4 per cent this year, and is up 11,251 per cent since the company went public in 2004 at HK$3.70 a share.
Chinese internet giant Tencent surpasses Facebook in valuation
Tech conglomerate Tencent, which boasts China's biggest social network and gaming firm, has become the first Asian firm to enter the club of companies worth more than US$500bn. 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.
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 valued at $523 billion, beating Facebook by $1 billion.
Shares of the 19-year-old company, listed on the Hong Kong Stock Exchange, hit record numbers on Tuesday, rallying to close at HK$430 to give it a market capitalization of some $522 billion-about $3 billion above Facebook's closing valuation of $519 billion Monday. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion.
During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.
Other fast-growing parts of the business include digital content such as video, as well as online advertising, said CNBC. This combined with its 1 billion large WeChat user base in China has helped Tencent reach its $500 billion heights.
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. 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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