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China's Tencent surpasses Facebook in valuation a day after breaking $500 billion barrier

Nov 21 , 2017

Chinese internet giant Tencent has surpassed Facebook in terms of market value just a day after it became the first Asian technology firm to reach the $500 billion valuation mark.

Tencent shares hit a record high of 439.6 Hong Kong dollars during Asian trading hours on Tuesday, giving it a market capitalization of 4.17 trillion Hong Kong dollars ($534.5 billion).

The Chinese firm's value overtook Facebook's $519.4 billion market capitalization, which was hit at the close of the U.S. markets on Monday.

Also Monday, Tencent beat Alibaba to become the first Chinese technology company to hit the $500 billion market capitalization mark. Tencent is also within touching distance of Amazon's $542.7 billion valuation.


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