Chinese tech giant Tencent exceeds Facebook with net worth of $522 billion

Chinese tech giant Tencent exceeds Facebook with net worth of $522 billion

The Shenzhen-based company, which is being headed by Pony Ma Huateng, was first launched in 2004, when the price for its shares was at $3.70 Hong Kong dollars (around $0.47 at the time), or $3,700 Hong Kong dollars ($473.69) for one board lot, which has 1,000 shares.

Tencent's market cap now exceeds e-commerce giant Alibaba Group Holding's US$474.15 billion, with Baidu behind at US$82.97 billion.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the U.S., most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.

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The valuation pushes Facebook out of the Global Top 5 companies for most valuable stocks, which now features Apple, Google's parent Alphabet, Microsoft, Amazon and now Tencent.

Tencent is now closing in on the likes of Facebook and Amazon.

Tencent is a sprawling business. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry.

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Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China.

Company president Martin Lau said Tencent will invest further in digital content, namely online video, with a focus on overseas a acquisitions.

While Tencent may not be a household name in the U.S., it's continuing to push into new areas, including making big investments in America. Barclays raised its price target from $49 to $59 on Monday. In a note, analyst John Choi said that he still sees earnings upside in 2018 driven by a "robust" mobile game pipeline and increasing online advertising monetisation.

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This article was first published on CNBC.

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