Tencent became the first Asian company to exceed a $500 billion market capitalization in November 2017.
Tencent crossed the milestone on November 21, 2017, as its Hong Kong-listed shares rose. The Chinese technology group had grown from an internet-services company into a diversified business spanning social media, online games, digital payments, advertising, and cloud services.
Its WeChat platform was especially important to the company’s reach in China. Tencent also owned or invested in major gaming businesses, giving investors exposure to one of the world’s largest interactive-entertainment markets.
The milestone referred to equity value, not Tencent’s cash holdings or annual sales. Hong Kong-listed companies can be compared with companies on U.S. exchanges by converting currencies, but exchange rates and different share structures can affect the precise ranking.