Tencent Overtakes Facebook As Hong Kong Stocks Flash-Smash Overnight

www.zerohedge.com | 11/21/2017 | Staff
Hang Seng futures exploded over 5% higher as after hours trading began last night, then crashed back to unchanged as the underlying cash index hit its highest since Nov 2007 on the heels of a surge to new record highs for Chinese tech giant Tencent - which is now larger than Facebook by market cap.

Contracts for November delivery rose to 31,341 at 5:15pm for a 5.1% premium over the underlying gauge...

Hong - Kong - Benchmark - Equity - Measure

Hong Kong’s benchmark equity measure advanced 1.9% on Tuesday to its highest close since November 2007, as WSJ reports, one day after its market capitalization surpassed $500 billion, the company behind messaging app WeChat rallied by another 2.4% on Tuesday, lifting its market value to $523 billion.

If Tencent were in the S&P 500, it would be the fifth most valuable company by market value.

Facebook - Closing - Prices - Monday - FactSet

It would surpass Facebook at $519 billion as of their closing prices Monday according to FactSet.

Tencent, the world’s largest videogame publisher by revenue, is best...
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