While Americans watch Apple Inc. AAPL 0.01%, Alphabet Inc GOOG 0.45% GOOGL 0.44% and Microsoft Corporation MSFT 0.18% to see which company will become the nation’s first $1 trillion public company, Tencent Holdings Ltd TCEHY 2.11% has won the race to become China’s first $500 billion company.
This week, Tencent edged out Alibaba Group Holding Ltd. BABA 0.71% to make it to $500 billion in market capitalization.
Tencent owns China’s most popular messaging app, WeChat. Popular American apps including Facebook Inc FB 1.06%, Twitter Inc TWTR 0.67%, Snap Inc SNAP 2.77%’s Snapchat and Instagram are all banned in China by the government.
Tencent stock has surged 10.7 percent in the past five trading sessions, putting the company’s market cap at $534.5 billion, above Facebook’s $519.4 billion and within the reach of Amazon.com, Inc. AMZN 2.58%‘s $542.7 billion.
Microsoft ($642 billion), Alphabet ($722 billion) and Apple ($877 billion) still have large leads over Tencent, but those gaps are closing quickly.
Following the most recent move, Tencet’s stock is up 124.4 percent year-to-date. Alibaba shares are up 116.6 percent on the year.
Apple, Microsoft and Alphabet have all generated gains between 31 and 48 percent this year — impressive compared to the overall U.S. market. The two Chinese giants Tencent and Alibaba are coming…
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