Tencent joins Alphabet, Amazon and Facebook as market valuation tops $500bn

Tencent passes $500bn mark to become Asia's most valuable company

Tencent has become the first Asian company to be valued at more than $500bn after shares hit a record high yesterday.

The Chinese Internet giant’s shares closed at HK$420 per share on the Hong Kong Stock Exchange yesterday (21 November), boosting Tencent’s market value to $510.7bn.

The valuation sees Tencent join Apple, Alphabet, Microsoft, Amazon and Facebook, which have all passed the $500bn valuation mark.

Tencent’s Chinese rival Alibaba is currently Asia’s second-highest valued company at $474bn, according to reports.

The move follows Tencent’s third-quarter results announcement, which saw the company post a 61% increase in revenues of $9.83bn.

Tencent’s strong growth has been driven by its mobile and PC gaming business as well as digital content including Tencent Videos.

In the last twelve months, the company has invested in a host of technology companies including Tesla, Snap,Flipkart and Hike as part of its global expansion plans.

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Danielle Long

Danielle Long is APAC Correspondent for The Drum with a remit to cover news from China, Australia and New Zealand. Danielle has 15 years experience as a marketing journalist and has worked on publications in the UK and Australia. She has interviewed some of the world’s leading marketing, advertising and creative brains and has written about almost every standout brand and marketing campaign from the last 15 years.

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