Tencent surpasses China Mobile to become the highest market valued company in Asia. [File photo: Baidu]

The share price of Chinese web giant Tencent Holdings has been on the rise this year and the market value of Tencent has been increasing. On the afternoon of September 5, 2016, the share price of Tencent reached 210.2 HKD (27.1 USD) per share, and their market value reached 1,989.8 billion HKD, or 256.6 billion US dollars. Tencent surpassed China Mobile in market value and became the highest market valued company in Asia, according to a report by the Beijing Times.

In the 12 years since Tencent went public in Hong Kong, they have seen their market value increase from 6.2 billion HKD (0.8 billion USD) in 2004 to almost 2 trillion HKD (257.9 billion USD) in 2016. An increase of 300 times, it has been hailed by some a legend which cannot be compared with even globally famous companies like Apple and Amazon.

It is believed that the reason Tencent has become the highest market valued company is due to its outstanding performance. According to the second quarterly report published on August 17, 2016, the overall revenue of Tencent was 67.68 billion yuan (10.14 billion USD), which was 48% more than same period last year. Moreover, the profits were 20.148 billion yuan (3.02 billion USD), which was 41% more than same period last year.

More than half of Tencent's revenue comes from the sales of games in its two social platforms — QQ and Wechat. In the second quarter, the revenue of mobile phone games increased by 100% to 9.6 billion yuan (1.43 billion USD), while the revenue of online games increased by 32% to 17.124 billion yuan (2.56 billion USD).