Tencent to Be The Foremost Chinese Tech Firm Priced Greater than $500B

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Nevertheless, the company outside China is not very well-known, but owns the most popular messaging service in the country called WeChat, which has almost 1 billion active users.

Tencent's share price was lifted by the announcement that the company set to launch WeChat payment service in Malaysia next year. Tencent hit a market cap of HK$3.99 trillion or roughly $510 billion. This section of the company brings in close to $4 billion a year. The company reportedly raised $8.3 billion Hong Kong dollars ($1.1 billion) after Tencent priced its 151 million shares at $55 Hong Kong dollars ($7.05) per piece.

Analysts say it can go further.

The company's shares have been driven up by Tencent's continued revenue growth, which could be attributed to its huge user base and a number of investments in new, and profitable areas.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter.

The Singles Day Sales start tomorrow
Analysts say Alibaba will take "Singles Day" global as Chinese e-commerce growth rates are expected to slow in years ahead. Just a little past halfway through the day Alibaba crossed last year's GMV (gross merchandise value) of $17.7 billion.

Its WeChat, China's most popular messaging service, has close to one billion users. Revenue rose by 61% thanks to its games division, which focuses on PC and mobile. Its fantasy role-playing game Honour Of Kings will debut in the United States next year.

During 2016, Tencent acquired the majority stake of Supercell a smartphone maker based in Finland.

Tencent's WeChat has become an extremely popular app in China and some other countries too.

Their genuine prowess aside, the Financial Times points out that the rise of China's tech giants has been greatly aided by Beijing's ban on the USA titans - Facebook, Twitter, YouTube and Google.

Shares of the 19-year-old group, which is scheduled on the Hong Kong Exchange, assembled to attain HK$418.80 to offer it a market top of HK$3.99 billion which surpasses the $500 billion grade. And while Amazon was let in, it was quickly quashed by Alibaba's Tmall and Taobao e-commerce sites.

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