Tencent becomes Asia's most valuable company

Updated 2017-11-21 09:33:12 Xinhua

Chinese internet giant Tencent has become Asia's most valuable company with its shares closing at record high on the Hong Kong Stock Exchange Monday.

Shares of Tencent closed at 420 HK dollars per share, which puts its market value at 510.7 billion U.S. dollars. It became the sixth ranking company in market value in the world, the company said.

Tencent is also the first Asian company to beat the 500 billion-dollar mark, it said.

On Nov. 15, Tencent announced its unaudited consolidated results for the third quarter of 2017, with its total revenues at 9.825 billion U.S. dollars, an increase of 61 percent year on year.

Chairman and CEO of Tencent, Ma Huateng, said the company recorded strong business growth in games, digital content, online advertising and payment related services.

Analysts said the new market value put Tencent in the same camp as U.S. tech giants Apple, Alphabet, Microsoft, Amazon and Facebook, whose values have all exceeded the 500 billion-dollar mark.

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