Chinese company surpasses Facebook in market value

After doubling its value this year, Chinese giant Tencent became the first Chinese company to enter the list of the five most valuable companies in the world, surpassing Facebook in terms of market value.

The company behind the popular messaging app WeChat has overtaken rival Alibaba in the race to become the first Chinese company worth $500 billion.

Tencent now ranks fifth behind Apple, Alphabet, Microsoft and Amazon, leaving behind Facebook, Alibaba and Berkshire Hathaway.