Tencent Holdings Ltd. (TCEHY) hit another major milestone Tuesday when it became the first Asia listed tech company to reach a market valuation of $500 billion, besting rival Alibaba Holding Ltd (BABA) - Get Alibaba Group Holding Ltd. Report and topping Facebook Inc. (FB) - Get Meta Platforms Inc. Class A Report in the emerging battle for global social media dominance.
Tencent shares closed 2.38% higher in Hong Kong trading at HK$430 each, extending their year-to-date gain past 125% and giving the company a market capitalisation of just over HK$4.08 billion ($522 billion), edging past Facebook's close of $519 billion and Alibaba's $484.5 billion.
The stock has risen more than 11% since China's internet gaming giant -- and significant Snap Inc. (SNAP) - Get Snap, Inc. Class A Report shareholder -- posted much stronger-than-expected third quarter earnings on Thursday Nov. 16 and pledged to stoke investment into its lucrative online content machine.
How do Tencent and Facebook compare? Let's take a look at the numbers.
Watch More with TheStreet:
- Here's How to Keep Your Budget Afloat During the Holiday Season
- You Have Nothing to Fear About Investing In the Stock Market: Tony Robbins
- Apple's Delayed HomePods Are Part of a Much Bigger Play on Digital Music
- 5 Things You Shouldn't Buy on Black Friday