Tencent becomes first Asian company to be valued over US$500 billion

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Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.

Tencent's market cap has furthermore than tripled ever since March 2014 when it attained $150 billion, exceeding Intel in the course.

Shares of the Chinese fintech company, listed on the Hong Kong Stock Exchange, surged to $420.00, jumping 4.1 percent.

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Also Monday, Tencent beat Alibaba to become the first Chinese technology company to hit the $500 billion market capitalization mark.

The valuation pushes Facebook out of the Global Top 5 companies for most valuable stocks, which now features Apple, Google's parent Alphabet, Microsoft, Amazon and now Tencent. Last week, it reported a 69 per cent year-on-year rise in net profit for the third quarter to 18 billion yuan (S$3.7 billion), beating market forecasts.

It is closing in on USA technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion. This came after the market value for the company reached a record $500 billion.

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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. The number is likely to increase after the company acquired a majority stake in the Finnish smartphone maker, Supercell.

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

Another factor to consider in Tencent's massive success is its online publishing and e-book unit China Literature, which was launched earlier this month. One of its key products is China's most popular messaging service, WeChat, which is now approaching 1 billion users. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

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