Tencent Rises to Record After Best Revenue Growth in 7 Years
- Its shares closed at another lifetime high in Hong Kong
- Tencent’s top-line growth was the best among major tech firms
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Tencent Holdings Ltd. rose to a record high after posting accelerated sales growth and topping the most optimistic of analyst estimates.
The shares climbed 2.3 percent to a lifetime closing peak of HK$391.80 in Hong Kong, valuing the company at more than $477 billion. The owner of WeChat, the social network that is nearly ubiquitous in China, reported a 61 percent rise in third-quarter sales on Wednesday. Fueled by advertising and hit game Honour of Kings, the growth was the fastest since 2010, when revenue was a mere one-fourteenth of its current level.