China’s Tencent broke new ground on Monday when its stock (00700.HK) closed at HK$170.50, bringing the company’s total market value above US$200 billion for the first time ever.
Tencent has been one of China’s biggest internet companies since the very beginning with its QQ messaging service. These days, the company has its hands in almost every corner of the internet industry. It remains the top player in China’s social media and messaging sector, and it also dominates a number of other sectors including online and mobile gaming.
Rising above US$200 billion in value catapults Tencent into a group of global technology elites; very few companies have broken that barrier. In fact, that valuation ranks the Chinese company well above global giants like Amazon (US$178 billion), eBay (US$70 billion), and Yahoo (US$42 billion), and puts it with striking distance of companies like Facebook (US$231 billion).
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