Thursday, 14 December, 2017

Tencent overtakes Facebook in Global Top five companies

Tensent Business Tencent on its Way Globally Surpassing Facebook in Valuation By Todd Casey
Javier Burns | 23 November, 2017, 00:34

Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.

By Tuesday afternoon, Tencent's market capitalisation had reached 4.15 trillion Hong Kong dollars ($531 billion), surpassing the USA social network's $519 billion.

This is a huge win for the company as Tencent Holdings Ltd. now has a market value that is more than that of Facebook.

Tencent's market cap is above Chinese e-commerce giant Alibaba, which stands at $474.15 billion, and Baidu at $82.97 billion.

CNBC credits Tencent's rise to its continued revenue growth, massive user base and investments in new areas.

It is closing in on USA technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion.

Italy fails to qualify for World Cup after draw with Sweden
The Juventus 'keeper confirmed his retirement from worldwide football following the Azzurri's failure at the San Siro . Federico Bernardeschi was the final Italy substitution and Olsen turned away a Parolo header.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter.

Online and mobile games are a key part of the business - the division brought in over $4 billion in revenue last quarter.

Tencent also acquired a majority stake in Finnish smartphone maker Supercell, the firm behind the popular Clash Of Clans mobile game.

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.

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

Tencent is attempting to become bigger outside China, but not through the expansion of its products. This combined with its 1 billion large WeChat user base in China has helped Tencent reach its $500 billion heights. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.

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