Monday, 11 December, 2017

This Chinese Giant Is Now Worth More Than Facebook

Ma Huateng chairman and chief executive officer of Tencent Holdings Ltd. speaks during the Guangdong Hong Kong-Macao Greater Bay Area Forum in Hong Kong China on Tuesday Tencent becomes the first Chinese tech firm valued over $500B
Cecilia Poole | 23 November, 2017, 00:27

The company's chief financial officer Jason Yao on Monday said Ping An's valuation had room to increase as Internet technology units are gradually spun off for their own listings.

Among this month's gainers, Tencent Holdings has surged 22 per cent, taking its market value above US$500 billion (S$676 billion), while Ping An Insurance Group has jumped 23 per cent amid optimism over its digital expansion.

The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon. This section of the company brings in close to $4 billion a year.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

The company went public in Hong Kong in 2004 at 3.70 Hong Kong dollars per share. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent. Supercell is the company that is behind the very popular mobile game Clash of Clans.

Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China.

The company also has a stake in Snap, the company behind Snapchat, ride-sharing app Lyft and electric-vehicle maker Tesla. Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations.

WeChat messaging service is now valued at $523 billion, above Facebook's $522 billion. Despite their huge size, each company consistently posts solid double-digit growth both in terms of profits and revenue, as they consolidate their leading positions in e-commerce for Alibaba and online gaming for Tencent. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.

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