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

Allan Goodman
November 23, 2017

The company's chief financial officer Jason Yao on Monday said Ping An's valuation had room to increase as Internet technology units are gradually spun off for their own listings.

Chinese tech giant Tencent Holdings Ltd. has surpassed Facebook Inc.in market value and taken its spot as the world's fifth largest company.

The technology firm, which has its base in China, is the first Asian company to reach such a high number.

We're talking about some of the biggest companies in the world that include Google/Alphabet, Facebook, Microsoft, Microsoft, NVIDIA, Amazon, and more. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.

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.

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Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter. This came after the market value for the company reached a record $500 billion. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel. Supercell is the company behind the addictive worldwide phenomenon, Clash of Clans.

Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China.

However, the company is not satisfied. 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.

It is closing in on U.S. technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion. 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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