Tencent pips China Mobile as the country's top company

Shanghai

TENCENT Holdings has surpassed China Mobile to become the country's most valuable corporation, underscoring the growing importance of a vibrant private economy over lumbering state-owned enterprise.

Tencent rose 4.2 per cent to HK$210.20 in Hong Kong on Monday, reaching a market value of HK$1.99 trillion (S$348 billion), edging past China Mobile's HK$1.97 trillion and putting the tech company in the ranks of the world's 10 largest public companies, including Apple Inc and Alphabet Inc.