Tencent has finally surpassed the value of comparable tech firms like Amazon, IBM and Oracle as it hit a market cap of $200 billion, Reuters reported Monday (April 13).
Shares of China’s largest social messaging and entertainment firm jumped 5.38 percent to close at $22 (HK $170.50) Monday, which gave Tencent Holdings Ltd a value of $206 billion. That’s above Oracle at $190 billion, Amazon at $178 billion and IBM at $161 billion, according to Reuters. Tencent has seen a 52 percent increase in its shares since the start of 2015 and is nearing the $210 billion value of its eCommerce rival Alibaba.
“The surge in the Shenzhen-based company’s share price comes as Hong Kong stocks hit fresh seven-year highs on Monday,” the report said. “China recently allowed mutual funds to buy stocks on the Hang Seng Index under the Shanghai-Hong Kong Stock Connect scheme, fueling the jump in already-rising Tencent shares.”
In other recent news about Tencent, its mobile app WeChat scored a win this past Chinese New Year after it took the lead with the most red envelope money gifts sent through its platform, surpassing its closest rival, Alibaba. Now, Tencent announced a new milestone for its WeChat app. According to reports released last month, WeChat has secured 500 million monthly active users (MAUs) as of the end of 2014’s fourth quarter. That figure is a spike from the 355 million MAUs recorded at the same time the year prior, and an increase from the 468 million recorded in Q3 2014, reports said.
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