Tencent overtakes Facebook in Global Top five companies

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The company's chief financial officer Jason Yao on Monday said Ping An's valuation had room to increase as Internet technology units are gradually spun off for their own listings.

Shares for Tencent reportedly rose to 4.12% to close $420 Hong Kong dollars ($53.76) on Monday, pushing the tech company to become the first ever Chinese conglomerate to crack the $500-billion threshold, according South China Morning Post.

The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon. The company is now closing in on the biggest businesses in the world including Facebook and Amazon.

Tencent became a public company in 2004 in Hong Kong at the per share price of HK$3.70. Since then, the company has managed to rally nearly 11.25%. Last year, Tencent acquired a majority stake in Finnish smartphone maker Supercell, the company behind the popular "Clash of Clans" mobile game.

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

The company also targets to bring its very popular multiplayer game, Honor of Kings, to the United States.

Tencent's market cap is above Chinese e-commerce giant Alibaba, which stands at $474.15 billion, and Baidu at $82.97 billion.

Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China. Tencent is now attempting to take over the USA market and has acquired stakes in both Tesla and Snap. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India. Tencent briefly passed Facebook in value on Tuesday, but then gave back the title on Wednesday, when the former was worth $511 billion versus $521 billion for the latter.

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