Tencent has become the first Chinese company to be valued at more than $500 billion. Shares of the 19 year old company, which is listed on the Hong Kong Stock Exchange, rallied to reach HK$418.80 to give it a market cap of HK$3.99 trillion which takes past the $500 billion mark. Close rival Alibaba is Asia’s second-highest-valued firm at $474 billion.
Entry to the half-a-trillion-dollar club which includes Apple, Alphabet, Facebook, Microsoft and Amazon comes a week after Tencent posted a profit of 18 billion RMB ($2.7 billion) on revenue of 65.2 billion RMB ($9.8 billion) for Q3 2017.
Tencent’s investment focus seems to have gone into overdrive over the last year. It has bought up stakes in public companies Tesla, Snap, invested in India-based unicorns Flipkart, messaging app Hike, health portal Practo and Uber rival Ola. If the recent Snap and Tesla deals are anything to go by, Tencent is likely to commit considerable resources to developing a base among U.S. tech companies. Not only does it believe it can learn from their experiences to boost its business in China