News Worms
News Worms


Chinese Tech Company Competes in Elite $500 Billion Club

Chinese Tech Company Competes in Elite $500 Billion Club

Goldman Sachs Group sees the gauge climbing to 32,000 by the end of next year, according to a note dated yesterday, while Bocom International Holding's chief strategist Hao Hong says a rally in Chinese banks, insurers and technology shares will continue amid improving asset quality and earnings growth.

Shares for Tencent reportedly rose to 4.12% to close $420 Hong Kong dollars ($53.76) on Monday, pushing the tech company to become the first ever Chinese conglomerate to crack the $500-billion threshold, according South China Morning Post.

The technology firm, which has its base in China, is the first Asian company to reach such a high number.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

The Hong Kong gauge is increasingly reliant on Tencent, however, with the Chinese technology company accounting for nearly a third of this year's gains. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent. Tencent has been around for around 20 years now, evolving from a web portal to becoming one of the world's leading biggest purveyors of video games.

Just gazing at the previous twelve months unaided, Tencent's share worth has increased twice thanks to remarkable receiving reports like Q3. Games such as Honour of Kings, Dungeon Fighter Online, Clash of Clans, and League of Legends.

However, the company is not satisfied.

Tencent's market cap is above Chinese e-commerce giant Alibaba, which stands at $474.15 billion, and Baidu at $82.97 billion.

Quoting the BBC, Tencent also owns shares in Snap, the company behind Snapchat, Lyft ride-sharing app and Tesla electric vehicle maker.

It is closing in on USA technology firms including Facebook, which is worth $520.14 billion, and Amazon, which is valued at $544.46 billion.

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