This Chinese Giant Is Now Worth More Than Facebook

WeChat mascots are displayed inside Tencent office at TIT Creativity Industry Zone in Guangzhou China

Tencent to Be The Foremost Chinese Tech Firm Priced Greater than $500B

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.

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