Tencent Breaks Into $500bn Club Ahead of Alibaba, Samsung - Sundiata Tech

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Tuesday, November 21, 2017

Tencent Breaks Into $500bn Club Ahead of Alibaba, Samsung



Tencent, a Chinese investment holding conglomerate and owners of WeChat, has become the first Asian firm to enter the club of companies with a market value of more than $500 billion.

The more than doubling of Tencent Holdings Ltd.’s share price this year has granted it entry to an illustrious club.

It beat Jack Ma’s Alibaba Group Holding Ltd which value is at just over $400 billion and Samsung with value below $400 billion.

The development saw a rise in Asian stocks, thereby helping  the Hong Kong’s Hang Seng Index HSI +1.29 per cent to log a 34 per cent  gain for the year. The benchmark rose 1.2% Tuesday morning as Tencent jumped a further 3.7 per cent, putting its market capitalization around $530 billion

After last week reported forecast-beating quarterly results, the biggest social network and gaming firm in China, Tencent Holdings, is close to making Malaysia the first foreign country to roll out its WeChat ecosystem, said one of the executive

Tencent gaining an e-payment license in Malaysia for local transactions and its plan to launch early next year is seen as a “breakthrough” by senior vice president S.Y. Lau.

with Southeast Asia serving as home to more than 600 million people and a fifth of Malaysia’s population being ethnic Chinese having some of the world’s fastest-growing economies, it is seen as key battleground for China’s tech titans fighting for deals.

WeChat Pay and Alibaba’s Alipay, have sought to expand their global mark, as they already dominate China’s digital payment market, although that push has so far been limited to payment services for Chinese outbound tourists. They can scan-and-pay for purchases in 34 countries or regions via Alipay and 13 via WeChat Pay, according to the companies.

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