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Tencent surpasses Facebook in market value

Tuesday, November 21, 2017 - 01:33

Tencent Holdings has racked up some impressive gains this week - becoming the first Chinese firm to be worth more than $500 billion and surpassing Facebook to be the world's fifth-most valuable company. Grace Lee reports

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There's a new player in the world's most valuable business club - and for the first time ever - it's from Asia. China's number one social network and gaming platform Tencent officially blew past Facebook's market value on Tuesday - just a day after it became the one-and-only Chinese company worth more than 500 billion dollars - Putting it among the elite ranks of Apple - Alphabet - Microsoft - and Amazon. (SOUNDBITE) (English) CATE CADELL, REUTERS REPORTER, SAYING: "China's power in terms of their social media companies is starting to match companies like Facebook at least in terms of their market cap. It's not just Tencent that's performing really well this year, Alibaba has also seen its stock come up and actually they're getting quite close to entering this 500 billion dollar club themselves. These Chinese giants are actually performing better than their US counterparts in stock market this year." Revenues from smartphone games like Honor of Kings - which has more players than the population of Germany - are bringing in enormous amounts of money for Tencent. It also controls China's messaging super app WeChat - which is used by nearly a billion people - And operates the Chinese equivalent of YouTube. Shares in Tencent have more than doubled this year alone - blasting it past the likes of Alibaba and Samsung to become Asia's most valuable company. And with so many markets cornered in China - Execs are making no secret about their plans to take their 535 billion dollar empire abroad

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Tencent surpasses Facebook in market value

Tuesday, November 21, 2017 - 01:33