China’s answer to Facebook could quickly be worth more than the real thing.
Shares found in Tencent (TCEHY), a Chinese social press and video games giant, have significantly more than doubled in cost in the last year, propelling the company’s market value ever closer to Facebook (FB, Tech30)’s $520 billion.
Tencent’s benefit stood around $470 billion after the close of trading Wednesday found in Hong Kong.
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Facebook runs the world’s most popular social networking, with an increase of than 2 billion users globally. It also owns two additional hugely popular global platforms, Instagram and WhatsApp.
Tencent’s own social networking, WeChat, has almost one billion users, mostly found in China. With Western rivals like Facebook and Twitter (TWTR, Tech30) shut out, WeChat includes a commanding job in the world’s most populous country.
But it is not only social networking that has gotten investors excited about Tencent. The company has been expanding deeper into the areas including smartphone game titles, mobile repayments and streaming music. All that has helped fuel record profits this season.
On Wednesday night time in Hong Kong, the business reported that gains jumped almost 70% in the most recent quarter compared with the same period this past year. That comfortably beat analysts’ forecasts.
Tencent is also investing heavily in additional tech companies all over the world. And also pouring funds into startups in Asia, it’s taken a 5% stake in Elon Musk’s electric-car maker, Tesla (TSLA), and bought up 12% of Snap (SNAP), the parent company of SnapChat.
Even before the latest group of bumper profits, analysts predicted Tencent’s shares to keep rising.
Some of them predict the Chinese tech company will soon move the $500-billion milestone, putting it in the ballpark of another U.S. huge, Amazon (AMZN, Tech30), which will probably be worth approximately $550 billion. But it would still have quite a distance to go to catch up with best dogs Apple (AAPL, Tech30) ($880 billion) and Google’s parent company, Alphabet (GOOGL, Tech30) ($720 billion).
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The speed of Tencent’s charge toward the half-a-trillion mark is highlighted by the actual fact that it only hit the $300-billion mark about six months ago.
It isn’t the only Chinese tech titan getting closer to signing up for the $500 billion golf club either.
E-commerce company Alibaba (BABA, Tech30), which is generally in comparison to Amazon, has seen its benefit soar to around $465 billion. The business’s stock price in addition has doubled within the last year.
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But those surging share rates plus some eye-popping IPOs have led to fears from some market watchers a bubble could be forming in China’s high-flying tech stocks.