Tencent now China's top company in private economy win

(Sept 5): Tencent Holdings has surpassed China Mobile to become the country's most valuable corporation, underscoring the growing importance of a vibrant private economy over lumbering state-owned enterprise.

Tencent rose 4.2% to HK$210.20 ($36.8) in Hong Kong on Monday, reaching a market value of HK$1.99 trillion ($349.27 billion) and joining the ranks of the world's 10 largest public companies, including Apple Inc and Alphabet Inc.

Tencent's shares have jumped four-fold in the past four years as it built a lead in mobile gaming and online advertising and captured rising consumer spending in China, dwarfing a roughly 20% advance in the Hang Seng Index.

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