Tencent Barges into 10 Biggest Firms of the World
Tencent Chinese tech giant has become Asia’s biggest firm for stock market value and shows distinctive success story of thriving Internet market of China driven by the extensive user base and development of the country.
Company’s share prices on the Hong Kong Stock Exchange stopped at HK$248.40 (about $31.92) on Wednesday, a year-to-date boost of 31%. Its market limit reached at HK$2.4 trillion ($308 billion), overtaking the U.S financing service Wells Fargo to emerge out as the first Chinese Internet company among 10 biggest companies of the world in terms of the market value.
Taking into account the country’s immense base of Internet users, Domestic tech companies have been serving to their rapidly-changing behavior, said Feng Liguo, a specialized professional at Beijing-based China Enterprise Confederation.
Chinese government support has established a dynamic atmosphere for the growth of Internet companies, including 3 giants namely Baidu Inc, Tencent Holdings, and Alibaba Group Holding (BAT) to develop, Liu noted.
Chinese tech firms also require internationalizing their commerce to become more competitive at the worldwide level, Liu said. “Mergers and acquisitions with foreign tech companies are expected to be a quicker way for them to succeed overseas,” he said.