Tencent Holdings Ltd., China’s biggest social networking and online entertainment company, has reached a market cap of over $200 billion for the first time on Monday.
The record made Tencent even more valuable than U.S. tech firms such as IBM Corp, Amazon.com, Inc, and Oracle Corp.
The Internet giant had a $206-billion worth of market valuation after a 5.38-percent increase to close at HK$170.50 in trading in Hong Kong. The figure is higher than IBM's $161 billion, Amazon's $178 billion and Oracle's $190 billion.
Since this year kicked off, Tencent has its shares increase by 52 percent, ultimately bringing a market valuation close to that of other top industry players'.
The firm's Chinese arch rival Alibaba Group Holding Ltd. has recorded a $210-billion market value, while U.S. social networking giant Facebook, Inc. had $230 billion.
The share price of the Shenzhen-based firm experienced a skyrocketing increase after the stocks in Hong Kong reached seven-year highs on Monday.
Triggering the surge in the firm's already-rising shares is the move of China to allow mutual funds purchase stocks from the Hang Seng Index, as stipulated in the Shanghai-Hong Kong Stock Connect scheme.
Meanwhile, the New York-listed Alibaba has seen a 19-percent year-to-date slide. This downfall in the world's leading e-commerce company owes to its dreary third-quarter earnings and excitement wear-off from the firm's investors.
Facebook, on the other hand, has witnessed a 5-percent increase since the start of the year.
According to financial analysts, more money is expected to pour in various firms as investors continue to seek for bargains and profit-enticing ventures.