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Tencent pips Alibaba as Asia's biggest Internet company

It caps a 10-month slide for China's e-commerce giant that wiped US$140.7b from its market value

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Tencent Holdings, which posted record quarterly profit in August, is capitalising on the more than one billion users of China's most-popular messaging services WeChat and QQ. It is also defying a three-month downturn in Chinese stocks by gaining 17 per cent this year in Hong Kong trading.

Hong Kong

ALIBABA Group Holding surrendered the title of Asia's largest Internet company to Tencent Holdings, capping a 10-month slide for the e-commerce giant that wiped US$140.7 billion from its market value.

Shares of Alibaba fell 4.7 per cent to US$60.91 in New York on Tuesday