China's Tencent hits $200 billion market cap for first time

China's Tencent Holdings Ltd for the first time hit a market cap of more than $200 billion on Monday, making it more valuable than U.S. tech firms like Amazon.com Inc, IBM Corp and Oracle Corp. The country's biggest social networking and online entertainment firm rose 5.38 percent to close at HK$170.50 ($22) in trading in Hong Kong, giving it a market valuation of $206 billion. Tencent's shares have rocketed 52 percent from the beginning of this year, bringing its valuation close to those of U.S. peer Facebook Inc's $230 billion and Chinese arch rival Alibaba Group Holding Ltd's $210 billion.



via Tech News Headlines - Yahoo News http://news.yahoo.com/chinas-tencent-hits-200-billion-market-cap-first-101251236--sector.html