Tencent is Asia's first $500 billion company

A woman uses her smartphone near a booth for the Chinese Internet company Tencent at the Global Mobile Internet Conference in Beijing. Photo: Mark Schiefelbein / AP

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

What we're watching: Tencent and other Chinese tech companies have notably made efforts to penetrate the Western media market, while China has continued to clamp down on letting American companies access its market.