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SHANGHAI, China – China’s technology giant Tencent has become the country’s most valuable enterprise, Bloomberg reported on Monday, September 5, beating state-owned telecom behemoth China Mobile and nearly reaching half of Apple’s valuation.
Tencent stocks surged 4.16% at closing on Monday on the Hong Kong stock exchange, to HK$210.20, giving it a market capitalization of HK$ 1.99 trillion ($256.60 billion), according to its company website.
The figure beat China Mobile’s market capitalisation of HK$ 1.97 trillion as of Monday and put the technology giant as China’s most valuable company, Bloomberg News reported.
It also put the Hong Kong-listed firm amongst the world’s 10 largest public companies including the likes of Apple, the report said. Apple was valued at $580.50 billion based on its latest stocks quote.
Tencent’s share price has jumped nearly 9% since August 17, when it reported a net profit surge of 47% in the 3 months to June, to 10.74 billion yuan.
Based in the Chinese southern export hub of Shenzhen, Tencent operates China’s biggest messaging service WeChat, through which a variety of businesses including gaming, advertising, and social networking have flourished in recent years.
It agreed to buy Finnish game-maker Supercell Oy, creator of “Clash of Clans”, from Japanese mobile firm SoftBank for $8.6 billion in June. – Rappler.com
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