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Tencent Passes Facebook in Market Valuation

Tencent Passes Facebook in Market Valuation

Tencent climbs 2.8% to reach another record high; becomes first Asian company to be valued over $500 billion.

The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon. The company is now closing in on the biggest businesses in the world including Facebook and Amazon.

The Hong Kong-listed internet giant, known for its WeChat messaging app and online games, saw shares rally to 420 Hong Kong dollars ($53.76) on Monday.

Tencent's share price was lifted by the announcement that it would roll out its WeChat payment services in Malaysia next year.

The company's shares have been driven up by Tencent's continued revenue growth, which could be attributed to its huge user base and a number of investments in new, and profitable areas. Last week, the Chinese company reported a 67 per cent year-on-year rise in net profit for the third quarter, beating market expectations.

Lebanon's Hariri lands in Cyprus, meets its president- Hariri Twitter feed
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WeChat Pay's launch in the Philippines came after a unit of Tencent rival Alibaba launched a mobile payment system for Filipinos in partnership with Globe Telecom.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland. The app is almost ubiquitous in China - nearly a billion people use it every month.

The company also targets to bring its very popular multiplayer game, Honor of Kings, to the United States.

However, the company is not satisfied.

Shares of the 19-year-old group, which is scheduled on the Hong Kong Exchange, assembled to attain HK$418.80 to offer it a market top of HK$3.99 billion which surpasses the $500 billion grade. Tencent is now attempting to take over the US market and has acquired stakes in both Tesla and Snap. Tencent briefly passed Facebook in value on Tuesday, but then gave back the title on Wednesday, when the former was worth $511 billion versus $521 billion for the latter.

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