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Tencent becomes China’s largest tech company

Tencent has surpassed Alibaba as the top tech company in China which is worth a reported US $249 billion.

The firm posted a 47% climb in net income to a record 10.74 billion yuan, and its advertising revenue had more than doubled in 2015.

Revenues surged due to growth in its online gaming business and advertising. Monthly active user accounts on Tencent’s social WeChat platform had jumped 34% on year to US $806 million.

“Revenues jumped, platforms are booming and it runs the Twitter and Facebook of China,” said an IG analyst. “Investors are hoping that, like Facebook, they can turn active users into revenues.”

Tencent is one of the three internet giants in China. Other of its rivals include Alibaba, with charismatic entrepreneur Jack Ma at the helm, and Baidu, a local equivalent of Google.

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