China’s Internet, broadband and gaming company Tencent’s stock market value has topped Facebook, and has become the first Chinese business to break through the $500 billion mark. On November 21st its value stood at a massive $531 billion (HK$4.15 trillion).
Tencent, in the process, has become one of the five most-valuable companies on the planet, joining Apple, Alphabet/Google, Microsoft and Amazon.
Tencent is one-third owned by South African media conglomerate Naspers (which also owns the Multichoice/DStv broadcasting businesses). Naspers Chinese holdings have also helped it blossom to a $114 billion market-capitalisation on the Johannesburg stock exchange. Naspers is the largest company in Africa.
Tencent is a 12 per cent investor in ‘Snap’ (Snapchat) and has stakes in gaming companies Riot, Epic and WeGame.