Hi-Tech

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

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

"Tencent's high growth, as demonstrated by its quarterly results, has supported the rally in its shares".

We're talking about some of the biggest companies in the world that include Google/Alphabet, Facebook, Microsoft, Microsoft, NVIDIA, Amazon, and more.

"Hong Kong valuations are still attractive and H-share financials look like a safe bet", said Sam Chi Yung, a Hong Kong-based senior strategist with South China Financial Holdings Ltd. Since then, it has rallied over 11,000 percent.

Tencent now sits alongside a handful of United States companies you are much more likely to have heard of: Apple, Amazon and Microsoft.

Tencent's share price was lifted by the announcement that it would roll out its WeChat payment services in Malaysia next year.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion.




Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China. Supercell is the company behind the addictive worldwide phenomenon, Clash of Clans.

However, the company is not satisfied.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the USA, most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.

The company also has a stake in Snap, the company behind Snapchat, ride-sharing app Lyft and electric-vehicle maker Tesla. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

Tencent is certainly creeping up on USA based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion.


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