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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.