Tencent becomes first Asian company to hit US$500bn market cap

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

Tencent: First Chinese Company to top $500 Billion Valuation

Investors piled into the Chinese social networking giant, extending this year's rally to 127% and boosting its market value by some $292 billion as of Tuesday's close.

Shares of Tencent set new record highs on Tuesday during Asian trading giving the company a HK$4.17 trillion market capitalization equal to $534.5 billion.

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

Just a day after it became the first Asian technology firm to enter the $500bn valuation mark, China's biggest social media network and gaming firm Tencent Holdings has now surpassed Facebook in terms of market value. It brings the personal wealth of Tencent founder and chief executive Ma Huateng close to US$47 billion.

Tencent's stock has shot up 121.4% this year and is up 11.251% since the company went public in 2004 at HK$3.70 a share.

Analysts say it can go further. Instead, Tencent has made investment in different part of the U.S.as well as Asia.

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

Tencent president Martin Lau said last week that its YouTube equivalent, Tencent Video, has become the video streaming service with the largest paying subscriber base in China, at 43 million users.

Best known for its mobile messenger WeChat, Tencent had been threatening to unseat its Silicon Valley rival after a blockbuster year that saw its share price more than double.

Analysts have been positive on the company's stock after it easily surpassed previous market expectations for its earnings report for the third quarter earlier in November.

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