Technology

China's Tencent Overtakes Facebook In Market Value

China's Tencent Overtakes Facebook In Market Valueā€¯

Tencent is well known in the industry as the manufacturer of the instant messaging app, WeChat, not to mention a number of online games.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the USA, most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.

Tencent's market cap now exceeds e-commerce giant Alibaba Group Holding's US$474.15 billion, with Baidu behind at US$82.97 billion. The company reportedly raised $8.3 billion Hong Kong dollars ($1.1 billion) after Tencent priced its 151 million shares at $55 Hong Kong dollars ($7.05) per piece.

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Hong Kong's Hang Seng Index cleared the 30,000 barrier for the first time in a decade in early trading on Wednesday, as financial companies rallied. Since then, the company has managed to rally nearly 11.25%.

Tencent now sits alongside a handful of U.S. companies you are much more likely to have heard of: Apple, Amazon and Microsoft. Just last week, Tencent reported a 67% rise in its net profit for the third quarter.

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 USA titans - Facebook, Twitter, YouTube and Google. Tencent's stock this year alone is up 126.69 percent.

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Other fast-growing parts of the business include digital content such as video, as well as online advertising, said CNBC.

While Tencent may not be a household name in the United States, it's continuing to push into new areas, including making big investments in America. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

Analysts have a positive view on Tencent. Barclays increased the price target to $59 from $49 for Tencent and increased its forecast for revenue for both 2018 and 2019.

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"Tencent's disciplined execution and well-positioned multi-engine growth strategy should sustain its valuation premium in the medium to long-term", Daiwa said in a note on November 15.



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