Chinese Internet Giant Tencent Is Now Worth $200 Billion
China's prolific Internet company Tencent has entered the stratosphere, reaching a $200 billion market capitalization in Hong Kong-based trading last night, as Seeking Alpha reports. The stock high makes the company worth over $25 million more than Amazon.
Tencent posted a 50 percent leap in profits for Q4 2014 on full-year revenue of $12.9 billion.
The company has a presence in every aspect of the Chinese web market, from its popular messaging app QQ to the anonymous social media platform Whisper to an app that finds workers to clean peoples' homes. (TechInAsia put together a comprehensive list of the company's investments last year.)
Tencent has struck partnerships with both Sony Music Entertainment and Warner Music Group to oversee digital distribution of the two majors' catalogs in the country. The company also has a similar deal with Korea's YG Entertainment, home of Psy.
In March, BMG struck a similar deal with Alibaba, a chief rival of Tencent.