China's Tencent Surpasses Facebook To Become World's Fifth Largest Company

Tencent becomes the first Chinese tech firm valued over $500B

The technology firm, which has its base in China, is the first Asian company to reach such a high number.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

Tencent's share price was lifted by the announcement that the company set to launch WeChat payment service in Malaysia next year. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.

Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry. Last week, the Chinese company reported a 67 per cent year-on-year rise in net profit for the third quarter, beating market expectations. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel. Supercell is the company that is behind the very popular mobile game Clash of Clans.

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The company's key product is popular messaging service WeChat, which is closing in on 1 billion users overall (but hasn't seen that same success overseas).

However, the company is not satisfied.

Tencent also has large investments in major companies such as Snap, Tesla, and Activision Blizzard. 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.

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.

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