Tencent’s Return to Top 10 Club Shows China Rebound Bets Soaring
- Tech firm pips Exxon Mobil to become 10th most-valued company
- Reentry into top 10 club comes as some US stocks have suffered
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Tencent Holdings Ltd. entered the club of the world’s 10 most-valuable companies for the first time in six months, reflecting broader investor optimism for Chinese equities as the nation dismantled its stringent Covid Zero policy and refocused on growth.
The online gaming firm’s shares have risen more than 80% since a low in late October, overtaking oil and gas producer Exxon Mobil Corp. this week to become the 10th biggest stock globally.