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Tencent Almost Reached $1 Trillion Valuation Before Slump

Chinese gaming giant Tencent was close to a $1 trillion market value after its biggest surge in over a decade on Monday, but fell short of the milestone after a slump on Tuesday, Bloomberg reports. The company's value is now below $900 billion after a 5.5% loss in Hong Kong on Tuesday.

If Tencent had reached the $1 trillion mark, it would have been the second Chinese company to do so after PetroChina Co, which reached its trillion-dollar valuation in 2007 and has since collapsed. The list of companies worth over $1 trillion is still a short one, comprising of Apple, Amazon, Alphabet, Microsoft, and Saudi Arabian Oil Co.

With offerings ranging from video games to social media to e-commerce, Tencent has long been an investor favorite, though Chinese government crackdowns on the gaming industry and the monopolistic practices Tencent engages in have at times impacted on its stock price.

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Category : Gaming,tech

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