The technology firm, which has its base in China, is the first Asian company to reach such a high number.
Tencent is well known in the industry as the manufacturer of the instant messaging app, WeChat, not to mention a number of online games. Alibaba is now the world's seventh largest company, with a market value of $481 billion, according to Bloomberg.
China's biggest social media company Tencent is now worth more than Facebook
Hong Kong's Hang Seng Index cleared the 30,000 barrier for the first time in a decade in early trading on Wednesday, as financial companies rallied. Since then, it has rallied 11,251 per cent. Tencent's stock this year alone is up 121.4 per cent.
Despite its phenomenal growth, Tencent is way behind the world's most valuable company, Apple, which is now valued at $873bn. The company reportedly raised $8.3 billion Hong Kong dollars ($1.1 billion) after Tencent priced its 151 million shares at $55 Hong Kong dollars ($7.05) per piece.
Tencent has almost one billion users on its popular WeChat phone platform, where people can chat, post photos, play games, transfer money and pay for a variety of services in China.
Chinese stocks glowed red hot in Hong Kong on Tuesday, with heavyweight Ping An Insurance Group Co. and China Pacific Insurance Group Co. surging more than 7 percent amid optimism over earnings growth. Revenue rose by 61% thanks to its games division, which focuses on PC and mobile.
Other fast-growing parts of the business include digital content such as video, as well as online advertising. It has acquired stakes in both Tesla and Snap, and invested in numerous start-ups in Asia including India's Uber rival Ola. Barclays increased the price target to $59 from $49 for Tencent and increased its forecast for revenue for both 2018 and 2019.
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