Tencent, the owner of Chinese WeChat app is the first one in the region valued at half a trillion dollars, participating in the race on Facebook, Apple, and Microsoft.
The Chinese company Tencent if not much known by this name to you but you must know Chinese WeChat after all Microsoft’s Bill gates joined WeChat, was the piece of news circulating media in February. The company also helped Snapchat, yes, that’s Tencent which has become a monster now because the company has crossed the $500 billion benchmark.
The company is worth more than half a trillion now and the largest valued company in the entire Asian region. According to a Bloomberg report, Tencent the owner of Chinese WeChat has crossed $500 billion before the end of the day in financial markets in Hong Kong yesterday.
The company has now joined the elite of tech companies along with Amazon, Apple, Facebook, Google, and Microsoft. After Tencent posted profits of 18 billion yuan which is about $2.7 billion, the news followed, Tencent made a tremendous performance with 69 percent increase in overall profit year-on-year basis, people were speculating after the profits were posted that the company would cross its net worth of $500 billion during the next year. But here we go, Tencent has achieved it well before the expectations.
Tencent is one of the top 3 tech companies in China along with Baidu the search engine giant, Alibaba, an e-commerce giant, the three top companies collectively known as BAT, Baidu, Alibaba, Tencent in business discussions more often.
However, Tencent has become the first to achieve this $500 billion milestone, Alibaba is not trailing behind, Alibaba is now valued at $482 billion. Experts say Alibaba may become another $500 billion crosser within a year or two.
Tencent is growing exceptionally because of the lucrative game business. The company owns popular titles including Honour of Kings and League of Legends. The games are the top ones in Apple’s app store in China for around a year.
The Chinese authorities raised concerns about kids playing too much of game, after that the company had to limit the game time for the children aged under 12. Chinese parents also named their child after the game because of its popularity.
The company announced last month to bring in its US version named Arena of Valor.