Chinese tech giant Tencent exceeds Facebook with net worth of $522 billion

A child plays the game ‘Honour of Kings’ by Tencent at home in Dezhou Shandong province China. Source Reuters

Goldman Sachs Group sees the gauge climbing to 32,000 by the end of next year, according to a note dated yesterday, while Bocom International Holding's chief strategist Hao Hong says a rally in Chinese banks, insurers and technology shares will continue amid improving asset quality and earnings growth.

The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon. This came after the market value for the company reached a record $500 billion. The company is now closing in on the biggest businesses in the world including Facebook and Amazon.

Tencent's share price was lifted by the announcement that the company set to launch WeChat payment service in Malaysia next year. Since then, the company has managed to rally nearly 11.25%.

Hong Kong stock investors have had a rocky ride in the past 10 years, buffeted by the global financial crisis, the bursting of two different Chinese stock bubbles, as well as concerns over European debt.

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During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.

It is also expected to bring its hugely popular multiplayer game Honour of Kings to the United States. Despite their huge size, each company consistently posts solid double-digit growth both in terms of profits and revenue, as they consolidate their leading positions in e-commerce for Alibaba and online gaming for Tencent.

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.

Massive Chinese tech company Tencent just hit a new milestone, exceeding 3.99 trillion Hong Kong dollars ($510 billion) in market value. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola.

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