Tencent valued at over $500bn, surpassing Facebook

By BizClik Admin

Last week, Tencent’s value reached $529.9bn, meaning it has surpassed Facebook and is the first Asian company to be valued over $500bn.

On Tuesday, shares in the company hit $56.30.

The tech giant’s stock has more than doubled in the past year. This has been put down largely to the popularity of its new mobile game Honour of Kinds which has accumulated 200mn players.

This has been a success despite the Communist Party-led newspaper, the People’s Daily, referring to it as “poison to the teenager” – perhaps affirming its viral status.

See also:

Tencent to be part of China’s National AI Team

Tencent’s China Literature issues biggest-ever Hong Kong tech IPO

Business Review Asia – November edition

Tencent runs WeChat, the most popular messaging app in China, which is available on both Android and iOS. It is thought that the reason Apple hasn’t monopolised China’s smartphone market is because WeChat is available on both platforms so upgrading to an iPhone is unnecessary.

Tencent is now fifth most valuable tech company in the world, with Apple coming first at a value of $889bn, Google’s parent Alphabet valued at $718.8bn, and Microsoft worth $645.9bn.

Facebook follows closely behind with a value of $528.5bn, completing the elite $500bn plus group, as Tencent’s Chinese tech rival Alibaba has yet to reach the milestone, with a figure of $488.7bn.

According to a note from Barclays: “We mainly attribute accelerating revenue growth to the continues monetisation improvement across multiple key business segments, such as gaming, video, and payment services, and note that user growth is still strong.”


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance