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Tencent the first Chinese company worth over $500 billion

Tencent the first Chinese company worth over $500 billion

Both companies have current market values of about $520 billion, making them the world's fifth and sixth biggest publicly listed firms by market capitalization, according to Bloomberg data.

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

"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.

The subsequent analysis of the company's worth found that it was now valued at over $500 billion.

It is closing in on United States technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion.

Shares of the 19-year-old group, which is scheduled on the Hong Kong Exchange, assembled to attain HK$418.80 to offer it a market top of HK$3.99 billion which surpasses the $500 billion grade. Tencent's stock this year alone is up 126.69 percent.

16 dead after boat capsizes in Andhra
They said that the passengers were stuck beneath the boat and despite having the life jackets they were struggling to come out. Some of the survivors complained that the police that the boat was shaking right from moment it started from Bhavani Island.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter.

Online and mobile games are a key part of the business - the division brought in over $4 billion of revenues last quarter.

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

Company president Martin Lau said Tencent will invest further in digital content, namely online video, with a focus on overseas a acquisitions.

Tencent's WeChat has become an extremely popular app in China and some other countries too.

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. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.

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