You are here

China's Tencent hits US$200b market cap for first time

Monday, April 13, 2015 - 18:36

nabmTENCENT13415.jpg
China's Tencent Holdings Ltd for the first time hit a market cap of more than US$200 billion on Monday, making it more valuable than US tech firms like Amazon.com Inc, IBM Corp and Oracle Corp .

[BEIJING] China's Tencent Holdings Ltd for the first time hit a market cap of more than US$200 billion on Monday, making it more valuable than US tech firms like Amazon.com Inc, IBM Corp and Oracle Corp .

The country's biggest social networking and online entertainment firm rose 5.38 per cent to close at HK$170.50 in trading in Hong Kong, giving it a market valuation of US$206 billion. This is higher than Oracle's US$190 billion, Amazon's US$178 billion and IBM's US$161 billion.

Tencent's shares have rocketed 52 per cent from the beginning of this year, bringing its valuation close to those of US peer Facebook Inc's US$230 billion and Chinese arch rival Alibaba Group Holding Ltd's US$210 billion.

The surge in the Shenzhen-based company's share price comes as Hong Kong stocks hit fresh seven-year highs on Monday. China recently allowed mutual funds to buy stocks on the Hang Seng Index under the Shanghai-Hong Kong Stock Connect scheme, fuelling the jump in already-rising Tencent shares.

sentifi.com

Market voices on:

More money is expected to pour in as investors hunt for bargains.

New York-listed Alibaba, the world's largest e-commerce firm, has seen its shares slide 19 per cent year-to-date. This slump owes itself to investor excitement wearing off after the firm's record-setting US$25 billion IPO last September, and a lacklustre set of third-quarter earnings results.

Facebook is up five per cent since the beginning of 2015.

REUTERS

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom