As per the latest tech related news, Tencent, a popular Chinese tech firm, becomes the first company from this part of the world to get valued at more than $500 billion. The company is about 19 years old and is listed on the Hong Stock Exchange. Shares of this company grew more than HK$416.80 and gave a market cap of HK$3.99 billion, which takes it across the $500 level. A close rival of Tencent is Alibaba, which is currently Asia’s second highest firm at $474 billion.
The latest IT News points to the fact that Tencent is in finally in the half-a-trillion-dollar club, which also includes Apple, Alphabet, Facebook, Microsoft and Amazon. This came to light a week after Tencent put its profit of 18 billion RMB ($2.7 billion), the latter former being the official currency of the Peoples Republic of China. The overall profit of the company increased by about 69% year-on-year and revenue rose by 61% due to Tencent’s gaming business. The South China Morning Post (SCMP) said that a US $9000 investment in the company’s 2004 IPO will be worth at least US $ 1 million in the current times. If the recent reports are studied, Tencent’s share prices have at least doubled due to its impressive earnings and profits.
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The company’s messaging app, WeChat, is currently China’s largest social service, which would be reaching at least 1 billion users on an overall basis. Tencent’s gaming business puts a lot of emphasis on PC and mobile systems, which accounts for its significant revenue – reportedly at least $5 billion in the last yearly quarter. This was mainly possible due to popular games like Clash of Clans and League of Legends.
Now that it has reached such a position, Tencent is planning to invest itself more in the global market. The company also has bought stakes in other businesses like Tesla, India’s Flipkart, Practo, Ola, etc.
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