BEIJING: Powered by Chinese smartphone users splurging billions on mobile games and online shopping, China’s technology giants Tencent and Alibaba are racing up the elite league of the world’s most valuable companies.
Hong Kong-listed Tencent, famous for its games and WeChat messaging service, became the first Asian firm to break into the $500-billion league last week, briefly overtaking Facebook as the world’s fifth biggest company in terms of market value.
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