Tencent reported a 61 percent increase year over year in total revenue and operating profits grew 57 percent year over year.
A second stock connection with mainland China which opened late previous year has allowed even more money to flow onto the semi-autonomous city's exchange.
The tech firm's latest stock market milestone also makes it the first Chinese company to cross the $500 billion mark and helps it keep bragging rights over Chinese internet rival Alibaba, worth $480 billion.
By Tuesday afternoon Tencent's market capitalization had reached HK$4.15 trillion ($531 billion), surpassing the USA social network's $519 billion.
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.
On Tuesday, the Chinese giant behind the WeChat messaging app surpassed Facebook in value after its shares hit a record high of 439.6 Hong Kong dollars giving it a market capitalization of $534.5bn, surpassing Facebook's value of $519bn.
Tencent is now valued at $523 billion, beating Facebook by $1 billion.
Tencent shares have jumped 121.4 percent year to date now. It brings the personal wealth of Tencent founder and chief executive Ma Huateng-also known as Pony Ma and no relation-close to $47 billion.
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.
"It would be a wrong decision to sell it just for some short-term gain", he said. Instead, Tencent has made investment in different part of the U.S.as well as Asia.
Tencent's market cap has more than doubled so far this year to $523bn.
The fintech company continues to show strong growth, as it reported its third quarter financial results last Wednesday.