Tencent overtakes Facebook to enter world's top five most valuable listed companies

Leigh Mccormick
November 23, 2017

The market movement made China's Tencent one of the world's top five most valuable companies, although it is still far short of leader Apple which is now valued at $873 billion.

Tencent has developed into the first Chinese company to be priced at further than $500 billion.

Shares for Chinese technology company, Tencent hit a record high on Monday.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

Shares of the Chinese fintech company, listed on the Hong Kong Stock Exchange, surged to $420.00, jumping 4.1 percent. Stock at Tencent in 2017 alone has surged an awesome 126.7%.

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Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter. Its market capitalisation, or total value of all the shares in circulation, stood at 3.99 trillion Hong Kong dollars ($510.7 billion) at the market close. The number is likely to increase after the company acquired a majority stake in the Finnish smartphone maker, Supercell. So it hasn't beaten the American social media company by a huge margin, however, the company has been experiencing a rally this year which has pushed its market value up $292 billion, a 127 percent rise just over this year. The messaging app has 500m users in China which acts as a "portal" for thousands of different products, from payments to customer service.

Tencent also has large investments in major companies such as Snap, Tesla, and Activision Blizzard.

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. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

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