Date
25 June 2017
Tencent, led by Pony Ma (pictured here), became the world's 10th biggest company for a while this week as its market cap surpassed that of US bank Wells Fargo. Photo: Bloomberg
Tencent, led by Pony Ma (pictured here), became the world's 10th biggest company for a while this week as its market cap surpassed that of US bank Wells Fargo. Photo: Bloomberg

Tencent breaks into global top 10 in market cap

Chinese internet titan Tencent Holdings Ltd. (00700.HK) drew fresh media attention this week as it briefly overtook Wells Fargo Inc. to become the world’s tenth most valuable public company.

Tencent saw its shares gain 1.6 percent in Hong Kong trading Wednesday, taking its market capitalization to US$279 billion (HK$2.18 trillion), putting it past US lender Wells Fargo’s US$275 billion valuation.

With that, the tech giant became the only Chinese name in the US-dominated list of the ten biggest listed entities in the world.

With Tencent’s tenth-place spot, six of the top 10 companies by market value were technology plays. Apple, Alphabet, Microsoft and Amazon took the top four positions, while Facebook was in the sixth place.

As of Wednesday, Warren Buffett’s Berkshire Hathaway Inc. ranked fifth on the list. The others in the top 10 list were Exxon Mobil, Johnson & Johnson and J.P. Morgan.

Best known for its WeChat messaging service and gaming, Tencent touched a record high of HK$230.2 on March 29.

The stock, however, saw a moderate pullback in recent sessions, and its market cap is now again marginally below that of Wells Fargo.

Tencent shares last changed hands at HK$227.20 on Friday.

Translation by Ben Ng with additional reporting

[Chinese version 中文版]

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RC

Hong Kong Economic Journal

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