Naspers was the first publicly traded company from Africa to exceed a $100 billion market capitalization.
Naspers crossed the $100 billion valuation level in 2019, making it the first African company to reach that market-cap milestone. Its value was strongly influenced by its large ownership stake in Tencent, the Chinese technology company.
Naspers began in South Africa in 1915 as a newspaper and publishing business. Over time, it expanded into pay television, internet services, technology investments, and international consumer platforms. Its investment in Tencent, made in 2001, became especially valuable as Tencent grew.
The market value of Naspers and the value of its Tencent stake were not identical. A holding company can trade at a discount or premium to the estimated value of its investments, and Naspers also owned other businesses. The company later separated much of its international internet portfolio into Prosus.