Tencent, the Chinese technology conglomerate that has its hands in all sorts of endeavors, closed trading on the Hong Kong Stock Exchange Monday with a valuation of HK$3.99 trillion (around $510 billion). Since then, it has rallied over 11,000 percent.
But while Tencent trumps Facebook in terms of market value, it still falls short on one big yardstick.
The market movement made China's Tencent one of the world's top five most valuable companies, although it is still far short of leader Apple which is now valued at $873 billion.
Chinese tech giant Tencent Holdings Ltd. has surpassed Facebook Inc.in market value and taken its spot as the world's fifth largest company.
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However, Pony Ma's company is now closing in on Facebook (US$520.1bn) and Amazon (US$544.4bn) just above it. This year, however, the company's stock went haywire.
Tencent has become a giant in business with a huge reach spanning social media, gaming, content and news. Revenue rose by 61% thanks to its games division, which focuses on PC and mobile.
Tencent has also acquired stakes in both Tesla and Snap (both U.S companies), and invested in numerous start-ups in Asia, including India's Uber rival Ola. Last week, Daiwa Capital Markets raised its price target to 480 Hong Kong dollars.
"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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