Tencent Holdings emerges as Asia’s largest Internet company.
Q. Which company has emerged as Asia’s largest internet company on 9th September 2015 reaching a market capitalisation of USD 162 billion?- Published on 11 Sep 15a. Alibaba Group Holding
b. Tencent Holdings
c. Baidu
d. Alipay
ANSWER: Tencent Holdings
Tencent has emerged as the largest Internet company in Asia. Alibaba recently lost the position on 8th September to Tencent capping a 10 month slide for the e-commerce company which wiped out USD 140.7 billion from its value. Shares of Alibaba fell by 4.7% making the online marketplace worth USD 153 billion. Tencent on 9th September 2015 reached a market capitalisation of USD 162 billion. Alibaba Group’ s reliance on consumer spending leaves it exposed to the ill effects of domestic slowdown in China. China’s recent yen devaluation and economic meltdown have caused Alibaba to lose its premier position as Asia’s largest internet company. Tencent has also purchased rights for Hollywood content on its video platform and making investments in cloud computing leading to its rise as the largest Asian internet firm. The 3 month downturn by China markets has been defied by Tencents which grew at 19% this year, Decline in Alibaba’s capitalisation is almost equal to the entire value of Samsung Electronics this year.
