Tencent Passes Facebook in Market Valuation

Otis Hoffman
November 23, 2017

The company's chief financial officer Jason Yao on Monday said Ping An's valuation had room to increase as Internet technology units are gradually spun off for their own listings.

Tencent joins other major U.S. tech companies such as Amazon, Facebook, Apple, and Alphabet, who have all also surpassed the $500 billion valuation mark.

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We're talking about some of the biggest companies in the world that include Google/Alphabet, Facebook, Microsoft, Microsoft, NVIDIA, Amazon, and more. Since then, the company has managed to rally nearly 11.25%.

Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. 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.

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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. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel.

The company's WeChat reportedly has almost 1 billion users in the country as of the end of September. Tencent is now attempting to take over the USA market and has acquired stakes in both Tesla and Snap.

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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 USA markets on Monday. Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola. 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.

Other reports by Info About Network

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