Tencent Beats Alibaba To $500B Valuation, Overtakes Facebook
[dropcap]C[/dropcap]hina’s biggest social network and gaming firm Tencent Holdings, which last week reported forecast-beating quarterly results, is close to making Malaysia the first foreign country to roll out its WeChat ecosystem, an executive told Reuters.
Tencent has made a “breakthrough” in gaining an e-payment license in Malaysia for local transactions, and plans a launch early next year, senior vice president S.Y. Lau said in an interview.
The move pits Shenzhen-based Tencent against rival Alibaba Group as they scramble for new growth opportunities outside China. Tencent on Tuesday became the first Asian firm to enter the club of companies with a market value of more than $500 billion, surpassing that of Facebook.
“Malaysia is actually quite large in the sense that we have ...
