Tencent has became the first Chinese company to be valued at more than $500 billion.
Shares of the 19-year-old company, which is listed on the Hong Kong Stock Exchange, rallied to reach HK$418.80 to give it a market cap of HK$3.99 billion which takes past the $500 billion mark. Close rival Alibaba is Asia’s second-highest-valued firm at $474 billion.
Entry to the half-a-trillion-dollar club — which includes Apple, Alphabet, Facebook, Microsoft and Amazon — comes a week after Tencent posted a profit of 18 billion RMB ($2.7 billion) on revenue of 65.2 billion RMB ($9.8 billion) for Q3 2017. Overall profit was up 69 percent year-on-year and revenue rose by 61 percent thanks to Tencent’s games business
As SCMP pointed out, a US$9,000 investment in the company’s 2004 IPO would now be worth US$1 million.
Just looking at the last twelve months alone, Tencent’s share price has doubled thanks to impressive earnings reports like Q3.