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Tech giant closes gap with arch rival Alibaba
腾讯缩小与对手阿里巴巴差距
China's Tencent Holdings has hit the two hundred billion US dollar market cap. That's made it more valuable than US tech leaders like Amazon,IBM and Oracle.
Tencent's shares have skyrocketed more than 50 percent from the beginning of this year, bringing its market close to those of Facebook’s 230 billion dollars and its Chinese arch rival Alibaba Group’s 210 billion dollars.
That's as Hong Kong stocks hit fresh seven-year highs on Monday.
China recently allowed mutual funds to buy stocks on the Hang Seng under the Shanghai-Hong Kong Stock Connect program. That's fueled the jump in Tencent's already-rising shares.
The New York-listed Alibaba, meanwhile, has seen its shares slide 19 percent year-to-date.
