China’s biggest tech company is now worth more than Facebook5 min read

Most persons know about Facebook, but did you know that China’s biggest technology company is now worth more than Facebook.

Tencent shares closed more than 2% higher in Hong Kong on Tuesday, valuing the social media and gaming giant at around $522 billion, according to FactSet. Facebook is currently worth a little over $519 billion.

Best known for its mobile messenger WeChat, Tencent had been threatening to move ahead after a blockbuster year that more than doubled its share price. Investors have piled bets on the company’s forays into mobile gaming and video streaming. But while Tencent trumps Facebook in terms of market value, it still falls short on one big thing.

Facebook is still the world’s most popular social network, with around two billion users worldwide. Tencent is known by few people outside China, even though WeChat has close to one billion users.

The Chinese company also enjoys a privileged status in its home market, where Western rivals like Facebook and Twitter are blocked by the government. Tencent is also an avid investor overseas. Earlier this year, it picked up a 12% stake in Snap, the owner of Snapchat, and 5% in electric vehicle giant Tesla. It’s also made a series of investments in startups across Asia.

Tencent’s online games division, which boasts popular titles like “Honor of Kings,” saw its sales soar by 50% compared to last year. The tech firm’s latest stock market milestone also makes it the first Chinese company to cross the $500 billion mark and helps it keep bragging rights over Chinese internet rival Alibaba, worth $480 billion.

Tencent still has some catching up to do when compared to other tech giants. Apple is currently worth $870 billion, while Google’s parent company Alphabet has a stock market value of $710 billion and Amazon has a market capitalization of $543 billion.