Tencent becomes first company in China to break $500 billion market cap

Tencent becomes first company in China to break $500 billion market cap

Tencent has become the first company in China to surpass a market cap of $500 billion following another strong financial release.

As reported by Seeking Alpha, Tencent's shares rose by 4% on November 20th 2017, pushing its market cap to over $500 billion. In comparison, Alibaba's market cap is $60.8 billion, while Baidu sits at $10.6 billion.

The figure also beats out several other major game companies, and is higher than EA, Activision Blizzard, and Ubisoft's market caps combined. It still has a long way to go to beat Apple, however, which has a market cap of $872 billion.

Always growing

Tencent's overall revenues grew 61% year-on-year in its Q3 FY17 financials to $9.8 billion. Mobile revenues alone came to $2.75 billion for the quarter.

The company's biggest game remains Honor of Kings, which is currently gearing up for release in the US as Arena of Valor. A pre-registration campaign is already underway.

Tencent is bigger than just games, and most recently acquired a 12% stake in Snapchat parent company Snap. It had previously invested in the firm during venture capital funding rounds.

Deputy Editor

Ric has written for for as long as he can remember, and is now Deputy Editor. He likes trains.


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