Tencent Passes Facebook to Become 5th Largest Tech Company

The share price of Tencent Holdings (00700.HK) rose by more than 3 percent in early trading on November 21. At 9:53 am, Tencent‘s market value reached HK $4.128232 trillion, or about US $528.471 billion, surpassing Facebook, whose market value is US $518.346 billion, to become the world’s fifth-largest technology company by market value.

Tencent recently released its Q3 Finance Report, showing revenue of 65.21 billion yuan in the third quarter, up by 61 percent year on year. According to non-IFRS, Tencent‘s third-quarter profit was 17.07 billion yuan, up 45 percent from the same period last year.

On November 17, Tencent‘s share price exceeded a record HK $400. Its market value surpassed Alibaba to became the largest company in Asia. Tencent shares rose by 4.12 percent to HK $420 on November 20, with a market capitalization of HK $3.9895 trillion. When its share prices rose again today, Tencent‘s market value exceeded HK $4 trillion mark and surpassed Facebook to becomes the world’s fifth largest technology company by market capitalization. Its gap with the fourth largest tech company, Amazon, stands at US $10 billion.

The following are the top six technology companies by market capitalization on November 21, 9:53 am China Standard Time:

1. Apple $872.73 billion

2. Google $699.179 billion

3. Microsoft $636.685 billion

4. Amazon $538.349 billion

5. Tencent $528.471 billion

6. Facebook $518.346 billion

This article originally appeared in Sina Technology and was translated by Pandaily.