China's Tencent Overtakes Facebook In Market Value

China's Tencent Overtakes Facebook In Market Value

"Tencent's high growth, as demonstrated by its quarterly results, has supported the rally in its shares".

Tencent went public in Hong Kong in 2004 at 3.70 Hong Kong dollars per share.

This is a huge win for the company as Tencent Holdings Ltd. now has a market value that is more than that of Facebook. Since then, it has rallied over 11,000 percent.

The valuation pushes Facebook out of the Global Top 5 companies for most valuable stocks, which now features Apple, Google's parent Alphabet, Microsoft, Amazon and now Tencent. Last week, the Chinese company reported a 67 per cent year-on-year rise in net profit for the third quarter, beating market expectations.

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

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WeChat Pay's launch in the Philippines came after a unit of Tencent rival Alibaba launched a mobile payment system for Filipinos in partnership with Globe Telecom.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the U.S., most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month. The number is likely to increase after the company acquired a majority stake in the Finnish smartphone maker, Supercell. Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends.

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.

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

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

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