Shanghai, China in 2016

Shanghai, China photographed on April 5, 2016. 

Shen Chunchen/AP 

Chinese tech conglomerate Tencent Holdings has surpassed state-owned telecom giant China Mobile to become the continent’s most valuable publicly-traded company. According to Barron’s Asia, Tencent stock surged 3.8 percent in Hong Kong on Monday, bringing its market cap to $255.8 billion, just ahead of China Mobile’s $254 billion and Alibaba Group’s $250 billion. 

Not long ago, Tencent and South Korea’s Samsung Group were competing to be the ones to take the crown away from China Mobile, but a recall of Samsung’s brand-new Galaxy Note 7 phones has bruised the company, which is now worth around $229 billion, down from $239 billion in late August.

In its most recent earnings report, released Aug. 17, Tencent announced that overall revenue was up 48 percent, to $10.2 billion, and that monthly active users jumped 6.6 percent year-over-year, reaching 899 million on QQ, the company’s central digital platform. The company also operates the popular Wechat instant message app and has its own answer to Spotify with its licensed and profitable QQ Music streaming music service, as well as striking content deals with various media companies. (Disclosure: Billboard and The Hollywood Reporter have content distribution deals in place with the company.)