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

23 November, 2017, 00:30 | Author: Randy Kelley
  • Tencent CEO Pony Ma Huateng Attends Big Data Expo 2017

The shares of the Hong Kong-listed Internet giant, known for its WeChat message app and online games, closed at HK$420 on Monday, bringing its market value to HK$3.99 trillion (S$692 billion).

Hong Kong's Hang Seng Index cleared the 30,000 barrier for the first time in a decade in early trading on Wednesday, as financial companies rallied.

Tencent's market cap has furthermore than tripled ever since March 2014 when it attained $150 billion, exceeding Intel in the course. The company reportedly raised $8.3 billion Hong Kong dollars ($1.1 billion) after Tencent priced its 151 million shares at $55 Hong Kong dollars ($7.05) per piece. The company has successfully managed to secure its position to become one of the world's top 5 companies with net worth of more than $500 billion. The messaging app has 500m users in China which acts as a "portal" for thousands of different products, from payments to customer service. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel.

Tencent now sits alongside a handful of USA companies you are much more likely to have heard of: Apple, Amazon and Microsoft.

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Other fast-growing parts of the business include digital content such as video, as well as online advertising, said CNBC. Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations.

Tencent president Martin Lau said last week that its YouTube equivalent, Tencent Video, has become the video streaming service with the largest paying subscriber base in China, at 43 million users.

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. And while Amazon was let in, it was quickly quashed by Alibaba's Tmall and Taobao e-commerce sites.

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