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September 6, 2016

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Tencent caps as most valued firm in China

CHINA’S technology giant Tencent has become the country’s most valuable enterprise, Bloomberg News said yesterday, beating state-owned telecom behemoth China Mobile and nearly reaching half of Apple’s valuation.

Tencent stocks surged 4.16 percent at yesterday’s closing on the Hong Kong bourse, to HK$210.20, giving it a market capitalization of HK$1.99 trillion (US$256.6 billion).

The figure beat China Mobile’s market capitalization of HK$1.97 trillion as of yesterday and ranked the technology giant as China’s most valuable company, Bloomberg News said.

It also put the Hong Kong-listed firm amongst the world’s 10 largest public companies including the likes of Apple, the report said. Apple was valued at US$580.50 billion based on its latest stocks quote.

Tencent’s share price has jumped nearly 9 percent since August 17, when it reported its net profit surged 47 percent to 10.74 billion yuan in the three months to June.

Based in Shenzhen, Tencent operates China’s biggest messaging service WeChat, through which a variety of businesses including gaming, advertising and social networking have flourished in recent years.

Tencent agreed to buy Finnish game-maker Supercell Oy from Japan’s SoftBank for US$8.6 billion in June.



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