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23 November 2017, 12:31 | Dawn Berry
Chinese internet giant Tencent surpasses Facebook in valuation
"Tencent's high growth, as demonstrated by its quarterly results, has supported the rally in its shares".
Shares for Tencent reportedly rose to 4.12% to close $420 Hong Kong dollars ($53.76) on Monday, pushing the tech company to become the first ever Chinese conglomerate to crack the $500-billion threshold, according South China Morning Post. The company is now closing in on the biggest businesses in the world including Facebook and Amazon. Since then, the company has managed to rally nearly 11.25%.
The company's shares have been driven up by Tencent's continued revenue growth, which could be attributed to its huge user base and a number of investments in new, and profitable areas. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry.
A great deal of Tencent's profit comes from its online gaming enterprise. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg. In the last quarter alone, gaming accounted for $5 billion, owing to smash hits like Honor of Kings (2017's top grossing game), and the acquisition of the companies behind hit games Clash of Clans (Supercell) and League Of Legends (Riot Games), reports TechCrunch.
WeChat messaging service is now valued at $523 billion, above Facebook's $522 billion.
However, the company is not satisfied. Tencent briefly passed Facebook in value on Tuesday, but then gave back the title on Wednesday, when the former was worth $511 billion versus $521 billion for the latter.
According to Bloomberg, Tencent shares hit a record high at $523 billion market value, marginally edging Facebook's $522 billion at the close of the USA markets on Monday. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.
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