Tech

China's Tencent Surpasses Facebook To Become World's Fifth Largest Company

China's Tencent Surpasses Facebook To Become World's Fifth Largest Company

The company's share price rose 2.4 percent on Tuesday in Hong Kong to surpass Facebook and become the world's fifth-most valuable listed company, disrupting the supremacy of the U.S. tech behemoths.

The Shenzhen-based company, which is being headed by Pony Ma Huateng, was first launched in 2004, when the price for its shares was at $3.70 Hong Kong dollars (around $0.47 at the time), or $3,700 Hong Kong dollars ($473.69) for one board lot, which has 1,000 shares.

Chinese social networking giant Tencent Holdings Ltd. briefly passed us peer Facebook Inc.in market value to become the world's fifth most valuable company, following a major rally on bullish sentiment about the former's growth prospects. Tencent hit a market cap of HK$3.99 trillion or roughly $510 billion. Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations. This section of the company brings in close to $4 billion a year.

CNBC credits Tencent's rise to its continued revenue growth, massive user base and investments in new areas.

More news: Trump hits Clinton as 'biggest loser;' Clinton questions legitimacy of election

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel.

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

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.

WeChat Pay is embedded in WeChat, China's dominant social messaging app with almost 1 billion users, according to AUB. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola.


  • Patel reservation agreed to, will support Congress, says Hardik

    Patel reservation agreed to, will support Congress, says Hardik

    The Patidar leader has said the Congress will include the extension of reservation benefit to Patidars in its election manifesto. Though the deal was brokered by Congress legal eagle Kapil Sibal , he left it to Hardik to make the announcement to the media.
    Dimitrov eyes Grand Slam after ATP Finals win

    Dimitrov eyes Grand Slam after ATP Finals win

    Goffin had been beaten 6-0, 6-2 by Dimitrov earlier in the week but beat Roger Federer and Rafael Nadal on his way to the final. Belgium's David Goffin shakes hands with Switzerland's Roger Federer after winning their semi final match.
    Game recap: New Orleans Saints 34, Washington Redskins 31 in OT

    Game recap: New Orleans Saints 34, Washington Redskins 31 in OT

    A fourth quarter Saints field goal made it 24-16, but Washington responded with a touchdown that padded the lead to 31-16. In the third quarter, with a 4-point lead, the Redskins surprised the Saints with a fake punt deep in their own territory.
  • Russian Federation  admits nuclear leak near site of 1957 disaster

    Russian Federation admits nuclear leak near site of 1957 disaster

    Russia's Mayak nuclear facility denied any involvement in a mysterious radioactive cloud hovering over Europe in recent months. The indicators were detected between September 25 and October 1 in the South Urals, the Russian meteorological office reports.
    Hariri arrives in Cairo for meeting with Sisi

    Hariri arrives in Cairo for meeting with Sisi

    Sisi and Aoun "underscored the importance of preserving Lebanon's stability as well as upholding Lebanon's national interest". Fireworks were heard in Beirut as Hariri supporters in mainly Sunni areas celebrated his impending return.
    Another round of freezing temperatures on Thanksgiving morning

    Another round of freezing temperatures on Thanksgiving morning

    If you head out tonight , or on your way out the door Tuesday morning, you will need a jacket, due to the chilly temperatures. The weekend will be cooler but still mild for November with highs in the mid 50s expected for Saturday and Sunday .
  • Did Tennessee Actually Offer Chip Kelly or Not?

    Did Tennessee Actually Offer Chip Kelly or Not?

    However, Florida - which cut ties with Jim McElwain on October 29 - has been in hot pursuit of his services for the last week. Kelly, however, is considering offers from both University of Florida and UCLA, according to USA Today's George Schroeder.
    Three LeT militants killed in Kashmir

    Three LeT militants killed in Kashmir

    In 2007, Lakhvi's 20-year-old son Mohammad Qasim was killed in a gunbattle with the Army and J&K police. One Garud commando of the Indian Air Force was also killed and a civilian injured during the encounter.
    Keystone Pipeline Leak Spills 210000 Gallons of Oil in South Dakota

    Keystone Pipeline Leak Spills 210000 Gallons of Oil in South Dakota

    MST) after a drop in pressure was detected in its operating system resulting from an oil leak that is under investigation". The Nebraska Public Service Commission, or PSC, is scheduled to announce a decision on Monday on Keystone XL.
  • Google admits it tracks us even with location services turned off

    Google admits it tracks us even with location services turned off

    Google's privacy policy does state that anyone who uses the company's services is subject to having their location tracked. Quartz says that the data was collected from all Android devices when they connected to a mobile or Wi-Fi network.
    Animal Crossing: Pocket Camp comes to your phone on 11/22

    Animal Crossing: Pocket Camp comes to your phone on 11/22

    The company announced Animal Crossing: Pocket Camp would arrive to mobile devices in fall 2016, but got pushed back to 2017. Animal Crossing: Pocket Camp is the third mobile game published by Nintendo within the previous year .
    DOD releases sexual assault figures for Fort Drum, other military installations

    DOD releases sexual assault figures for Fort Drum, other military installations

    Miles Brown said the number of reports suggests that people are confident they will be treated well. Sexual assault victims who seek police involvement have unrestricted reports .