Tencent, developer of popular social messaging app WeChat, has become the most valuable technology compnay in China, overtaking e-commerce giant Alibaba. Tencent is now worth $249bn compared with $246bn for Alibaba.
Tencent's rise in value stemmed from shares jumping by over 6% following strong quarterly earnings reported on Wednesday.
Thanks to a surge in online gaming and advertising, profit in the second quarter rose by 47% to 10.9bn yuan ($1.6bn). Revenue grew at its fastest rate in more than three years, increasing 52% to 35.7bn yuan.
The firm’s online games revenue grew by 32%, along with its advertising business which saw an increase of 60%.
The chairman and chief executive of Tencent, Ma Huateng said; “During the second quarter, we sustained solid growth in our platforms and businesses, including our social media platforms, games, digital content, advertising and payment services.
"We executed strategic initiatives to strengthen our ecosystem and to reinforce our ability to bring best-in-class entertainment content to our users."
