Chinese social media giant is worth more than Facebook

Chinese social media giant is worth more than Facebook

The Hong Kong-listed internet giant, known for its WeChat messaging app and online games, saw shares rally to 420 Hong Kong dollars ($53.76) on Monday.

According to Bloomberg, Tencent shares hit a record high at $523 billion market value, marginally edging Facebook's $522 billion at the close of the USA markets on Monday. Amazon has a market capitalization of $543 billion.

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.

But while Tencent trumps Facebook in terms of market value, it still falls short on one big yardstick.

Outside of its social media apps, Tencent is also one of the world's most successful mobile gaming companies, and it has valuable investments in numerous projects in multiple industries. So it hasn't beaten the American social media company by a huge margin, however, the company has been experiencing a rally this year which has pushed its market value up $292 billion, a 127 percent rise just over this year.

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Tencent is a sprawling business.

Online and mobile games are a key part of the business - the division brought in over $4 billion in revenue last quarter.

A second stock connection with mainland China which opened late previous year has allowed even more money to flow onto the semi-autonomous city's exchange.

"Tencent's disciplined execution and well-positioned multi-engine growth strategy should sustain its valuation premium in the medium to long-term", Daiwa said in a note on November 15. It has taken stakes in Snap and Tesla, and in several Asian based startups including Ola, a rival of Uber based in India.

This article was first published on CNBC.

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