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

23 November, 2017, 00:27 | Author: Alicia Barber
  • Ma Huateng chairman and chief executive officer of Tencent Holdings Ltd. speaks during the Guangdong Hong Kong-Macao Greater Bay Area Forum in Hong Kong China on Tuesday

Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.

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

A second stock connection with mainland China which opened late past year has allowed even more money to flow onto the semi-autonomous city's exchange.

Shares for Chinese technology company, Tencent hit a record high on Monday. The company is now closing in on the biggest businesses in the world including Facebook and Amazon.

"New economy companies like Tencent, as well as mainland banks and insurers, are major contributors to this round of the rally, and the Hang Seng Index crossing above 30,000 points means that funds remain bullish on China and Chinese firms", said Hong Kong-based strategist Linus Yip.

Uber breach, cover-up trigger government probes around the globe
In October of 2016, hackers successfully stole personal information belonging to 57 million Uber customers and drivers. Data from 57 million users and drivers were compromised in a data breach incident Uber concealed for more than a year .

The Hong Kong gauge is increasingly reliant on Tencent, however, with the Chinese technology company accounting for nearly a third of this year's gains.

Just gazing at the previous twelve months unaided, Tencent's share worth has increased twice thanks to remarkable receiving reports like Q3.

The company also targets to bring its very popular multiplayer game, Honor of Kings, to the United States. The messaging app has 500m users in China which acts as a "portal" for thousands of different products, from payments to customer service. Tencent is now attempting to take over the US market and has acquired stakes in both Tesla and Snap. Alibaba is second behind Tencent, with a market cap of $481.1 billion.

Admission to the half-a-trillion-dollar-club which comprises of Apple, Alphabet, Facebook, Microsoft, and Amazon - approaches a week after Tencent posted benefits of 18 billion RMB ($2.7 billion) on incomes of 65.2 billion RMB ($9.8 billion) for Q3 2017.

Recommended:



Popular

Google Location-Tracking Controversy Splits Publications, Spying Or Not Spying?
This "issue" potentially affects all devices with Google services, with tablets and phones alike sending the same data to Google . Google said that the Cell ID codes were never stored in its network sync system, "so that data was immediately discarded ".

UCLA meets with Chip Kelly as potential replacement for Jim Mora
The school fired Mora on Sunday after a 28-23 loss to USC dropped his record in the last two seasons to 9-14. He also reportedly turned turned down an offer from Tennessee, which fired coach Butch Jones on November 13.

The explosion at a mosque in Nigeria killed 30 people
Boko Haram has waged an insurgency in northeastern Nigeria since 2009 in its attempt to create an Islamic state in the region. Boko Haram had even taken hold of the territory in 2014, but was pushed out by military troops the following year.

Iranian Hacker Charged in HBO Breach
According to the indictment , Mesri "was a member of an Iran-based hacking group called the Turk Black Hat security team". He said Mesri would face consequences even though United States authorities could not immediately arrest him.

Marvell to buy chip company Cavium for $6 billion
Marvell and Cavium each have complementary product sets spanning enterprise, cloud data center and service provider networks. The deal will see Marvell paying $40 for each Cavium common share and giving each shareholder 2.1757 Marvell common shares.