The world's fifth largest company is now Tencent, not Facebook

Tencent becomes the first Chinese tech firm valued over $500B

The company's chief financial officer Jason Yao on Monday said Ping An's valuation had room to increase as Internet technology units are gradually spun off for their own listings.

This is a huge win for the company as Tencent Holdings Ltd. now has a market value that is more than that of Facebook.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Amazom.com Inc., only Amazon is valued a much less.

Ping An's shares have more than doubled in both Hong Kong and Shanghai this year.

Tencent became a public company in 2004 in Hong Kong at the per share price of HK$3.70. Since then, the company has managed to rally nearly 11.25%. Stock at Tencent in 2017 alone has surged an unbelievable 126.7%.

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Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. This came after the market value for the company reached a record $500 billion.

Steven Leung, a sales director at UOB Kay Hian said that the company earned 69 percent more net profit in third-quarter.

The company also has a stake in Snap, the company behind Snapchat, ride-sharing app Lyft and electric-vehicle maker Tesla. In the last quarter alone, gaming accounted for $5 billion, owing to smash hits like Honor of Kings (2017's top grossing game), and the acquisition of the companies behind hit games Clash of Clans (Supercell) and League Of Legends (Riot Games), reports TechCrunch.

WeChat Pay is embedded in WeChat, China's dominant social messaging app with almost 1 billion users, according to AUB. The company has also invested in a number of Asian based start-ups including Uber's Indian rival, Ola. Tencent briefly passed Facebook in value on Tuesday, but then gave back the title on Wednesday, when the former was worth $511 billion versus $521 billion for the latter.

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