Tencent becomes the first Chinese tech firm valued over $500B

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Tencent has became the first Chinese company to be valued at more than $500 billion.

Shares of the 19-year-old company, which is listed on the Hong Kong Stock Exchange, rallied to reach HK$418.80 to give it a market cap of HK$3.99 billion which takes past the $500 billion mark. Close rival Alibaba is Asia’s second-highest-valued firm at $474 billion.

Entry to the half-a-trillion-dollar club — which includes Apple, Alphabet, Facebook, Microsoft and Amazon — comes a week after

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