Tencent cracks global top-five in market value

The market value of Chinese mainland tech giant Tencent has reached about 4.15 trillion HK dollars (around 523 billion USD), surpassing Facebook to become the fifth most valuable company in the world in terms of market value, the company is reporting on its site, qq.com.

Tencent's stock prices in Hong Kong hit 420 HK dollars on Monday, rising 4.12 percent. 

View of the headquarters of Chinese Internet giant Tencent in Shenzhen city, south China's Guangdong province, 1 November 2017.[Photo: IC]

At the same time, shares of Facebook dropped 0.15 percent to 178.74 US dollars at the close on Monday in New York, dropping the company's net value to 519 billion US dollars. 

Tencent is the first tech firm in Asia to be listed at over 500 billion US dollars in value.

As of November 20, the top four companies in the world are Apple (872.7 billion USD), Google (710.8 billion USD), Microsoft (636.8 billion USD) and Amazon (542.7 billion USD), followed by Tencent.

Tencent's main rival, Alibaba, is currently valued 481 billion US dollars, currently ranking 7th in the world.

Stock prices of both Tencent and Alibaba have more than doubled since the beginning of the year.