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Tencent becomes first Asian company to be valued over US$500 billion

23 November 2017

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.

Ping An rallied the most in four years, and Tencent Holdings Ltd. overtook Facebook Inc (NASDAQ:).in market value.

Over the past year, several Tencent subsidiaries have also made stellar market debuts in Hong Kong and the USA, most recently its online publishing platform China Literature, which almost doubled in price on its first trading day this month.

Tencent's share price was lifted by the announcement that the company set to launch WeChat payment service in Malaysia next year. Since then, the company has managed to rally nearly 11.25%. In general, the gain was up 69 percent year - on - year and returns ascended by 61 percent, thanks to Tencent's games industry.

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Investors are of the view that the large customer base of its social media platforms which have other a billion users and its hit games like Honour of Kings will aid the company to become an advertising and entertainment giants, just like big tech companies Google and Facebook. Last week it said its profits had jumped almost 70 per cent. This section of the company brings in close to $4 billion a year.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.

WeChat Pay is embedded in WeChat, China's dominant social messaging app with almost 1 billion users, according to AUB. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.

Admission to the half-a-trillion-dollar-club which comprises of Apple, Alphabet, Facebook, Microsoft, and Amazon - approaches a week after Tencent posted benefits of 18 billion RMB ($2.7 billion) on incomes of 65.2 billion RMB ($9.8 billion) for Q3 2017.

Tencent becomes first Asian company to be valued over US$500 billion