Tencent jumped ahead of state-owned China Mobile to become the China’s largest company by share value. It also ranked tenth worldwide, joining an elite league that includes corporate giants Apple, Microsoft, Amazon.com, Facebook, Exxon Mobil, among others as Bloomberg reported.
Stocks of the technology giant increased by 4.2 percent to $27.10 beginning this week, reaching a market value of $256.6 billion. The figure surpassed China Mobile’s $254 billion and positioned Tencent among the top 10 biggest public companies in the world, alongside Apple and Alphabet.
Shares of Tencent surged fourfold in as many years, thanks to its mobile gaming and online advertising business. According to Shanghai Daily, Tencent’s share price increased by about nine percent on August 17 after it announced that its net profit jumped by 47 percent to 10.74 billion yuan ($1.61 billion) in three months to June. Last month, Tencent also bought shares of the Hollywood film studio STX Entertainment, which has also established its Chinese connections by signing a deal with Huayi Brothers to produce 19 movies. Tencent, as well as Hong Kong’s media firm PCCW, would join STX Entertainment’s long list of shareholders.
Tencent recently also brought Supercell Oy’s mobile game Clash Royale to China, after it agreed to buy the game maker for $8.6 billion. The collaboration between the two would allow Supercell to bring its highest grossing mobile offerings including Clash of Clans to Tencent’s millions of Chinese users.
Tencent also topped the list of the most installed and highest grossing Android games based on revenues in China for May 2016. It accounted for a staggering 44.5 percent of all the revenues of China’s top 100 highest grossing games, publishing 23 out of the top 100 titles.