The value of the Chinese company surpassed that of Facebook, which as of the close of the markets Monday in the USA sat at $519.5 billion.
Chinese social networking giant Tencent Holdings Ltd. briefly passed us peer Facebook Inc.in market value to become the world's fifth most valuable company, following a major rally on bullish sentiment about the former's growth prospects.
According to Bloomberg, Tencent shares hit a record high at $523 billion market value, marginally edging Facebook's $522 billion at the close of the USA markets on Monday.
The market movement made China's Tencent one of the world's top five most valuable companies, although it is still far short of leader Apple which is now valued at $873 billion.
By Tuesday afternoon, Tencent's market capitalisation had reached 4.15 trillion Hong Kong dollars ($531 billion), surpassing the USA social network's $519 billion.More news: Veteran Cong leader Priya Ranjan Dasmunsi passes away
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Tencent's share price was lifted by the announcement that it would roll out its WeChat payment services in Malaysia next year. In 2016, Tencent acquired a majority stake in Finnish smartphone maker Supercel. Supercell is the company behind the addictive worldwide phenomenon, Clash of Clans.
Tencent's WeChat has become an extremely popular app in China and some other countries too. Instead, Tencent has made investment in different part of the U.S.as well as Asia. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola.
Analysts have been positive on the company's stock after it easily surpassed previous market expectations for its earnings report for the third quarter earlier in November. Barclays raised its price target from $49 to $59 on Monday.
Barclays on Monday said that it attributes the accelerating growth in revenue at Tencent with its continued monetization improvement in multiple important business segments, like video, payment services, gaming, and noted that its growth in users remains strong.