China’s Tencent becomes more valuable than Facebook

Tencent has nearly one billion users on its popular WeChat phone platform

Image: AFP/ File

New Delhi: The social media and video game giant of China, Tencent, overtook Facebook in terms of market value recently.

Tencent is the first $500 billion company in Asia. https://t.co/EYH8nYw1Za pic.twitter.com/dgk0R026rH

— ????Fergus Ryan (@fryan) November 20, 2017

On Tuesday afternoon Tencent's market capitalisation reached 4.15 trillion Hong Kong dollars ($531 billion), surpassing the Facebook’s $519 billion. All thanks to the investors, the company is on the top five list of the world's biggest firms. Although the company is still far short of Apple which is currently valued at $873 billion. Tencent's shares, traded in Hong Kong, have doubled in value this year. The tech company's earnings have repeatedly surpassed analysts' expectations. Tencent has nearly one billion users on its popular WeChat phone platform, where people can chat, post photographs, play games, transfer money and pay for a variety of services in China. The company was listed in Hong Kong earlier this year and reportedly, Tencent is the first $500 billion company in Asia.