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Tencent Is Now the Most Valuable Company in Asia

Chinese web firm Tencent, which has stake in apps such as messaging clients WeChat and India’s Hike messenger, has become the most valuable company in Asia. The company has been racing neck-and-neck with Samsung and China Mobile in the recent times but thanks to some strategic moves and aggressive expansion, and also some bad moves by its rivals, there’s no one bigger than Tencent in Asia anymore. Fortune reports:Samsung has flagged over the last few days, however, after it had to issue a recall for its flagship Note 7 handset because of reports about battery fires. But stock in Tencent has continued to surge, rising 3.8% in Hong Kong on Monday. That took it to a valuation of HK$1.976 trillion ($255 billion). That jump takes Tencent narrowly past the market cap of China Mobile, and into the same premier league of public corporations as U.S. tech giants Apple, Alphabet, Microsoft, Amazon and Facebook. The Chinese e-commerce group Alibaba is not far behind, with a current valuation of around $250 billion.

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