Chinese social media giant is worth more than Facebook

Chinese social media giant is worth more than Facebook

Chinese social media giant is worth more than Facebook

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). In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry.

A second stock connection with mainland China which opened late a year ago has allowed even more money to flow onto the semi-autonomous city's exchange.

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.

The Chinese firm's value overtook Facebook's $519.4 billion market capitalization, which was hit at the close of the US markets on Monday.

Tencent Holdings has surpassed Facebook in market value, becoming the first Chinese technology company to join the ranks of the world's five largest corporations. WeChat almost at one billion overall users, but internationally, WeChat is not commonly used.

Trump administration plans to end protected status for about 60000 Haitian immigrants
We must remain committed to those principles and stand with our neighbors in Haiti as they tackle their challenges. Haitians with TPS will not be targeted by immigration officials for early deportation, senior officials said.

According to CNBC, Alibaba (baba), Asia's second-highest-valued firm and the closest rival to Tencent, comes in at a valuation of $474 billion, making the tech company the first from China to reach the landmark valuation. Alibaba's share price has also doubled over the a year ago. Top of the pole is Apple, with pundits predicting the iPhone maker could be the first to break the $1 trillion mark in the months ahead.

Tencent went public in Hong Kong in 2004 at 3.70 Hong Kong dollars per share.

Tencent's market cap has furthermore than tripled ever since March 2014 when it attained $150 billion, exceeding Intel in the course. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion. "Some of this year's best performers are worth holding as long-term bulls", Mr Wang Menghai, a Shanghai-based money manager at Fullgoal Fund Management, told Bloomberg.

Analysts have been positive on the company's stock after it easily surpassed previous market expectations for its earnings report for the third quarter earlier in November.

Related news