Tencent Beats Alibaba to Join the $500 Billion Club

China's first technology stock to join the FANG ranks

The more than doubling of Tencent Holdings Ltd.’s share price this year has granted it entry to an illustrious club. It beat Jack Ma’s Alibaba Group Holding Ltd. to become the first Chinese technology stock to break the $500 billion market value barrier and may climb further. “Some of this year’s best performers are worth holding as long-term bulls,” said Wang Menghai, a Shanghai-based money manager at Fullgoal Fund Management Co., who is “optimistic” about the WeChat owner in the next two or three years. “It would be a wrong decision to sell it just for some short-term gain.”

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