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A Chinese tech company has become more valuable than Facebook

A Chinese tech company has become more valuable than Facebook

A Chinese tech company has become more valuable than Facebook

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

Tencent (tctzf) has become the first Chinese tech firm valued over $500 billion. The company is now closing in on the biggest businesses in the world including Facebook and Amazon. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent. It's a huge deal for the company, as it joins many others in the industry that are based in the US. Last week it said its profits had jumped almost 70 per cent.

Chinese stocks glowed red hot in Hong Kong on Tuesday, with heavyweight Ping An Insurance Group Co. and China Pacific Insurance Group Co. surging more than 7 percent amid optimism over earnings growth.

A great deal of Tencent's profit comes from its online gaming enterprise. 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. Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends.

Tencent becomes the first Chinese tech firm valued over $500B
China's biggest social media company Tencent is now worth more than Facebook

Quoting the BBC, Tencent also owns shares in Snap, the company behind Snapchat, Lyft ride-sharing app and Tesla electric vehicle maker.

The company's WeChat app dominates in China, where Facebook, Twitter and Google are banned.

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. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the USA, most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.

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