Tencent surpasses US$500 billion benchmark
Last Tuesday, China internet giant Tencent soared beyond US$500 billion in market capitalisation, becoming larger in value than Facebook.
Simultaneously, this was also the first Asian- based technology firm surpassing this historical benchmark without dispute.
Prior to this day, the US based company Facebook closed in NASDAQ market at US$519.4 billion in market capitalisation.
On the following day, Tencent traded in Hong Kong market during Asian hours and boosted to HK$4.17 trillion (estimated US$534.5 billion) in total market capitalisation.
Currently, the internet giant firm has left Alibaba behind the race and is within crouching distance to Amazon’s US$542.7 billion valuation.
Tecent Technology is a homegrown firm in China and listed in Hong Kong Exchange since 2004.
The company was initially opened at HK$ 3.70 on first day of public trading and has expanded 11,000 per cent when it was recorded at HK$439.60 per share on last Tuesday.
Other than China, Hong Kong and some part of Asia, Tencent is still little known to most western countries of its wechat messaging service.
This is one amazing mobile chat service with personal advertisement of social activities that does not need to rely on log-in onto computers.
Besides spanning into gaming business, Tencent’s wechat is a leaping-and-bound business with the e- wallet owned by every user for easy merchandising payment and mutual cash transfer, apart from the personal freedom of subscribing for news contents registered and organised by other individual ( or corporations) from all fields of interest.
Known to have a user base of almost one billion users, the company has fetched a handsome revenue of over US$4 billion over a mere quarter ended September.
In fact, Tencent has been making multiple attempts to spread its wings outside China.
On top of just looking to expansion into Asia, the firm has diverged its stride into Europe and America by taking a stake into Finnish smartphone maker Supercell, American Tesla and Snap.
Many analysts are optimistic in Tencent by judging on its business model and fast growing user base.
This could be a cream of crop among the global Fintec industry that pays the best returns while divesting into the multiple new economic businesses.
Looking at the rapid growth and increasing revenues from the multi-stream services, it is only rational to forecast the firm announcing another elevation in revenue after December and be epitomised by stock investors.