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.

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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.



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