Tencent Holdings Ltd. has surpassed China Mobile Ltd. to become the country’s largest corporation, underscoring the ascendancy of the new economy over traditionally dominant government-owned enterprises. Asia’s largest internet company was valued at HK$1.99 trillion ($256.6 billion) after Monday’s 4.2 percent gain, outstripping the wireless carrier’s market value of about HK$1.97 trillion. The operator of WeChat and QQ -- the country’s most popular social media services -- has gained 38 percent this year, compared with about 10 percent for China Mobile. The company founded by Ma Huateng also entered the top 10 globally, joining Apple Inc. and Alphabet Inc.
(Adds Monday’s movement in first paragraph)
(A previous version of this story was corrected to show market value in trillions, not billions)