Chinese internet giant Tencent Holdings (0700.HKG) saw its market value top US$100 billion this week, nearing Facebook’s (FB.NASDAQ) market capitalization of US$103.5 billion, The Wall Street Journal reported. Tencent’s voice-messaging application WeChat, ubiquitous among Chinese smartphone users, has 236 million active users, according to the company. Many analysts and investors expect Tencent to cash in on WeChat’s growing user base by offering various additional services such as gaming, e-commerce and advertising. In China’s internet sector, competition is intensifying among Tencent, search provider Baidu (BIDU.NASDAQ) and e-commerce giant Alibaba Group Holding.
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