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China's Tencent surpasses Facebook in market value

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China's Tencent surpasses Facebook in market value

Tencent Holdings Ltd. has overtaken Facebook Inc. in market value a day after it shattered the US$500 billion barrier, becoming the first Chinese tech company to become one of the world's five biggest tech corporations, Bloomberg News reported.

Tencent is now valued at US$523 billion after boosting its market value by about US$292 billion upon closing on Nov. 21, compared to Facebook's US$522 billion valuation on Nov. 20, according to the Nov. 21 report.

The company's year-long surge, now at 127%, has reportedly made its founder Ma Huateng China's second-richest man and even lifted the entire Hong Kong Stock Exchange.

The operator behind popular messaging service WeChat, Tencent is now trading at 50 times forward earnings, higher than the rough average of 30 over the past two years, the report said.

Tencent recently bought non-voting shares in U.S.-based Snap Inc. as it looks to explore cooperation with the U.S. messaging platform on mobile games publishing and a news feed.