Tencent overtakes Alibaba as China’s most valuable tech company

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Tencent the owner of popular social messaging app WeChat, overtook e-commerce giant Alibaba to become China’s most valuable technology company on Thursday.

Data compiled by spreadbettor IG showed Tencent’s market capitalization was at 1.9103 trillion Hong Kong dollars, or around £188.59 billion, at 10:40 a.m. HK/SIN, compared with U.S.-listed Alibaba’s market capitalization of $242.04 billion (£185.17 billion).

Crossing that Rubicon followed Tencent on Wednesday soundly trouncing forecasts for its second quarter earnings amid strong growth in mobile gaming and advertising.

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The author Paul