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Tencent’s stock market capitalisation rose above that of Facebook on Tuesday, the day after it became the first Chinese company to break through the $500bn mark.
The Chinese social media group’s share price jumped as much as 4.7 per cent in morning trading in Hong Kong, bringing it to a record high and lifting market capitalisation to as far as $534.5 billion, above that of Facebook at $519.4bn.
Tencent later pared gains to be up 3.7 per cent at the lunch break, giving it a market capitalisation of $529.5bn.
Tencent, which has more than 980m users on its WeChat social media platform, on Monday closed 4.1 per cent per cent higher giving the company a market capitalisation of $511bn.
The company’s share price has received a boost in recent weeks from strong third-quarter earnings and two successful spin-offs.
The Chinese technology giant’s share price has surged 129.5 per cent for the year to date.