Tencent Holdings, a Chinese online gaming company and owner of the successful messaging service WeChat, surpassed Facebook on Tuesday and became the most valuable social media operator in the world by market capitalization, according to the South China Morning Post, reported RT .

The company’s market capitalization increased this year to $ 670 billion (Facebook’s is $ 657.8 billion), making Tencent currently the world’s seventh largest company.

Tencent shares have risen 45% to date, while Facebook shares have gained about 14% in New York over the same period. And according to Jefferies Group analyst Thomas Chong, Tencent’s share price may rise from $ 70 to $ 84 in the next 12 months.

About two weeks ago, another Chinese giant, Alibaba, with a capitalization of $ 677.4 billion, also overtook Mark Zuckerberg’s company to become the sixth largest firm in the world.

“As China’s GDP growth increases, we will see more and more Chinese companies enter the ‘top’ 10 or ‘top 100’ of top companies,” said Kenny Wen, wealth management strategist at Everbright Sun Hung. Kai. “This long-term trend will continue for the foreseeable future. However, the pandemic and the worsening of relations between China and the US may complicate the situation,” added the specialist.

At the moment, the most valuable company in the world is Saudi Arabian Oil, better known as Aramco, which has a market capitalization of $ 1.75 trillion. It is followed by Apple, with 1,610 billion dollars.

Tencent founder Pony Ma Huateng is the richest person in China and the 18th richest in the world, with a fortune valued at $ 54.4 billion, according to Bloomberg.

(With information from RT)