Home Tech Tencent overtakes Alibaba as China’s most valuable tech company

Tencent overtakes Alibaba as China’s most valuable tech company

by Paul

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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