Chinese social media WeChat is worth more than Facebook
Best known for its mobile messenger WeChat, Tencent had been threatening to unseat its Silicon Valley rival after a blockbuster year that saw its share price more than double. Investors have piled bets on the company's forays into mobile gaming and video streaming. Tencent (TCEHY) shares closed more than 2% higher in Hong Kong on Tuesday, valuing the social media and gaming giant at around $522 billion, according to FactSet. Facebook is currently worth a little over $519 billion. But while Tencent trumps Facebook in terms of market value, it still falls short on one big yardstick. Facebook is still the world's most popular social network, with around two billion users worldwide. Tencent is little known outside China, even though WeChat has close to one billion users. The Chinese company also enjoys a privileged status in its home market, where Western rivals like Facebook and Twitter are blocked by the government. Tencent is also ...