IT

Tencent the first Chinese company worth over $500 billion

Tencent the first Chinese company worth 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.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

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.

"Hong Kong valuations are still attractive and H-share financials look like a safe bet", said Sam Chi Yung, a Hong Kong-based senior strategist with South China Financial Holdings Ltd. Since then, the company has managed to rally nearly 11.25%.

CNBC credits Tencent's rise to its continued revenue growth, massive user base and investments in new areas. Tencent has been around for around 20 years now, evolving from a web portal to becoming one of the world's leading biggest purveyors of video games.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg.

Nuclear 'DISASTER' alert as Russian radiation 1000 times above normal strikes Europe
It has prompted demands by Greenpeace's Russian Federation branch for a more "in-depth inquiry". In 1957 , an explosion at Mayak led to one of the worst nuclear accidents in history.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.

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

Their genuine prowess aside, the Financial Times points out that the rise of China's tech giants has been greatly aided by Beijing's ban on the U.S. titans - Facebook, Twitter, YouTube and Google.

However, the company is not satisfied. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola.

Tencent is certainly creeping up on USA based firms like Facebook, with its $520.14 billion and Amazon, now valued at $544.46 billion.


  • Ex-college, National Football League  coach Kelly mulls Florida, UCLA jobs

    Ex-college, National Football League coach Kelly mulls Florida, UCLA jobs

    Kelly, 53, reportedly met with Florida officials on Sunday about their coaching vacancy and could be pursued by other schools. Yahoo Sports reports that Florida has expanded its search to give themselves a backup plan if they don't land Kelly.
    Hariri holds talks with Sisi

    Hariri holds talks with Sisi

    A message on Hariri's Twitter account said the meeting would be followed by a dinner in his honor. Hariri had been in Paris since Saturday when he met French President Emmanuel Macron.
    Rose leads after round three in Dubai golf

    Rose leads after round three in Dubai golf

    Rose needed to finish at least solo fourth, but the ensuing birdie only gave him a tied fourth place at 17-under par . England's Tommy Fleetwood now tops the Race to Dubai, and is only two shots behind on 13-under alongside Burmester.
  • Kylie Jenner Reportedly Won't Confirm Pregnancy Until After Birth

    Kylie Jenner Reportedly Won't Confirm Pregnancy Until After Birth

    The family may be tight-lipped for now, but it's safe to say we'll be hearing one way or another from them in the near future. Instagram users flooded her comments speculating that the two mystery pajama sets are for Kylie and Khloe's alleged babies .
    PNA suspends contacts with United States  over closure of PLO Washington office

    PNA suspends contacts with United States over closure of PLO Washington office

    Offices for the Palestine Liberation Organization are seen in Washington, D.C., on November 21, 2017. "What is the use of holding any meetings with them when they close our office?" he told AFP .
    White House: Trump, Putin set to speak Tuesday

    White House: Trump, Putin set to speak Tuesday

    It was the second time Assad has traveled to Russian Federation to meet with Putin in the course of the country's six-year civil war.
  • Google to end covert tracking of Android devices

    Google to end covert tracking of Android devices

    For starters, when the proposed location-based service was scrapped, Google could have turned the collection off then and there. Google says that an update that removes this cell tower data-collecting will be rolled out by the end of this month.
    Broncos to start Paxton Lynch at QB against Raiders

    Broncos to start Paxton Lynch at QB against Raiders

    He lost the starting quarterback job to Siemian a year ago and an injury to his throwing shoulder has kept him out since August. Wide receiver Emmanuel Sanders added that Lynch, even with his physical gifts, needed to get more familiar with the offense.
    Trump on UCLA players: 'I should have left them in jail!'

    Trump on UCLA players: 'I should have left them in jail!'

    I've seen a lot worse things happen than a guy taking some glasses. "They will have to earn their way back", Alford said. In the same tweet, Trump said, " HAVE A GREAT LIFE! ".
  • Pressing Delete On 'Net Neutrality' As Head Of FCC Plans Repeal Vote

    Pressing Delete On 'Net Neutrality' As Head Of FCC Plans Repeal Vote

    However, the new rules are highly expected to pass since Pai's party is controlling three of the Commission's five seats. The next target of the Trump administration's regulatory rollback appears to be net neutrality.
    Harrison Ford a Car Accident Hero

    Harrison Ford a Car Accident Hero

    The woman was the only occupant in the auto and was transported to a hospital with minor injuries. Harrison Ford helped rescue a driver who veered off the highway Sunday morning.
    Country Legend Mel Tillis Dies at 85

    Country Legend Mel Tillis Dies at 85

    His suspected cause of death is respiratory failure, after he was battling an intestinal issue since 2016. Before making his way to Nashville, Tennessee, the songwriter briefly attended the University of Florida.