China social media giant Tencent has made it on to the list of the world's most valuable companies, joining Apple, Facebook and Amazon. As Tara Joseph reports, the Shenzhen based firm now plans to move beyond its home base of China to build a global entertainment empire.
Move over China Mobile, there's a new top dog in Asian business. Social media giant Tencent is now officially the region's most valuable company storming into an elite list of giants like Facebook, Amazon and Apple in the global top ten. (SOUNDBITE) (English) REUTERS CORRESPONDENT, TARA JOSEPH, SAYING: "With a market cap of more than 260 billion dollars, it's started to eclipse certain well known Asian brands like Samsung and Toyota. Tencent is best known for its WeChat app which has more than 800 million users in China. But now it's looking to move beyond its home shores and break into the global entertainment business." At the heart of the push - mobile gaming. Just a few months ago, Tencent shelled out nearly nine billion dollars for Finnish game maker Supercell - the company behind 'Clash of Clans'... It's taken a controlling stake in China's leading music streaming company CMC... And plans to start experimenting with augmented reality like Pokemon Go... All geared towards boosting it explosive add revenue, which shot up 60 percent in the second quarter. For all its success, Tencent is still valued at less than half of Apple - and knows that if ever wants to truly rival the big boys - it needs to push business far beyond just China. With its global ambitions, the company's success is also music to the ears of officials in Beijing... Casting a much needed light on a vibrant private economy - over lumbering state-owned enterprise.