Tencent (TCTZF) has become the first Chinese tech firm valued over $500 billion.
Shares of the 19-year-old company, listed on the Hong Kong Stock Exchange, hit record numbers on Tuesday, rallying to close at HK$430 to give it a market capitalization of some $522 billion—about $3 billion above Facebook’s closing valuation of $519 billion Monday.
According to CNBC, Alibaba (BABA), Asia’s second-highest-valued firm and the closest rival to Tencent, comes in at a valuation of $474 billion, making the tech company the first from China to reach the landmark valuation.