Disruptive move: China's Tencent surpasses Facebook in valuation

Posted November 23, 2017

The company's share price rose 2.4 percent on Tuesday in Hong Kong to surpass Facebook and become the world's fifth-most valuable listed company, disrupting the supremacy of the United States tech behemoths.

Tencent's market cap is above Chinese e-commerce giant Alibaba, which stands at $474.15 billion, and Baidu at $82.97 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.

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.

Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. Last week it said its profits had jumped almost 70 per cent. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry.

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Tencent also acquired a majority stake in Finnish smartphone maker Supercell, the firm behind the popular Clash Of Clans mobile game.

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 US markets on Monday.

Other fast-growing parts of the business include digital content such as video, as well as online advertising.

Their genuine prowess aside, the Financial Times points out that the rise of China's tech giants has been greatly aided by Beijing's ban on the U.S. titans - Facebook, Twitter, YouTube and Google.

Tencent is attempting to become bigger outside China, but not through the expansion of its products. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.