Shulou(Shulou.com)11/24 Report--

Beijing, January 5 (Xinhua) Wednesday's sharp rise in share prices allowed Tencent Holdings to overtake oil giant ExxonMobil and re-enter the top 10 most valuable companies in the world six months later, according to data compiled by foreign media. Ranked 10th.

On Wednesday, the MSCI china index rose 5.8% since trading resumed on Tuesday, its best start since 2009, led by real estate developers and technology companies. The Nasdaq Golden Dragon China Index surged 13% over the same period, its best start on record.

Led by the overall stock market, Tencent shares rose 4.6% on the Hong Kong stock exchange on Wednesday, surpassing ExxonMobil to become the tenth most valuable company in the world. As of Wednesday's close, Tencent's market capitalization was about $442 billion, higher than ExxonMobil's $439.9 billion, but still less than half its peak. In January 2021, Tencent's market capitalization hit $949 billion. The gap between the two companies has been widening since Tencent overtook TSMC to become the most valuable company in Asia in early December.

The market capitalization of ▲ Tencent surpassing ExxonMobil Tencent's return to the top 10 also highlights the blow to US stocks over the past year, mainly due to massive monetary tightening by the Federal Reserve. The s & p 500 is down about 20% from its all-time high a year ago, and u.s. companies such as Tesla and Facebook parent Meta have fallen out of the top 10 by market capitalization.

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