Tencent the first Chinese company worth over $500 billion

Tencent CEO Pony Ma Huateng Attends Big Data Expo 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.

Chinese social networking giant Tencent Holdings Ltd. briefly passed USA peer Facebook Inc.in market value to become the world's fifth most valuable company, following a major rally on bullish sentiment about the former's growth prospects.

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




"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 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent. This section of the company brings in close to $4 billion a year. 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. Tencent has been around for around 20 years now, evolving from a web portal to becoming one of the world's leading biggest purveyors of video games.

The company's WeChat reportedly has almost 1 billion users in the country as of the end of September. Supercell is the company behind the addictive worldwide phenomenon, Clash of Clans. The company reportedly raised $8.3 billion Hong Kong dollars ($1.1 billion) after Tencent priced its 151 million shares at $55 Hong Kong dollars ($7.05) per piece. 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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