Tencent is Asia's first $500 billion company

Chinese Internet giant Tencent today became the first Asian company ever to be valued above $500 billion, after its shares rose 4.1% in trading on the Hong Kong Stock Exchange.

Rivals: Facebook and Amazon both crossed the $500 billion threshold this past summer, with the former opening trading today with a market cap of $520 billion. In terms of tech, they all still trail market cap leaders Apple ($872 billion), Alphabet ($712 billion) and Microsoft ($636 billion).

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China's Alibaba Group currently has a market cap north of $480 billion.