Chinese tech company, Tencent, has surged past China Mobile to become the most valuable company in Asia.
Tencent stock moved up 3.8% in Hong Kong on Monday thus reaching a market cap of $255.8 billion, ahead of China Mobile with $254 billion, Alibaba Group’s $250 billion and Samsung Electronics’ $229 billion.
By this also, it is also one of the top 10 in the world by market capitalization.
Tencent Holdings Limited is a Chinese investment holding company whose subsidiaries provide media, entertainment, internet and mobile phone value-added services and operate online advertising services in China.
According to Bloomberg, “The company’s rise exemplifies the new realities of the world’s second largest economy, where smokestack industries prepare to lay off workers while younger companies such as e-commerce giant Alibaba Group Holding Ltd. make inroads into everything from finance to media. Private businesses, marginalized for decades by a state sector that enjoyed easy funding from government-owned banks, now play a pivotal role in hiring and innovation, and the best performers are spearheading China’s shift toward a consumption-led economy.”
South African media giant, Naspers, has 34% equity stake in Tencent Holdings.
