Nov 21, 2017

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.

  • Tencent bought a 12% stake in Snapchat earlier this month. The Journal reports that it's invested in 41 tech startups in the U.S. since 2011.
  • Toutiao, a Chinese personalized news app, has agreed to acquire Chinese lip-sync app Musical.ly, which has skyrocketed in popularity amongst European and American kids. No financial terms were disclosed, but word is the price-tag was between $800 million and $1 billion, via a mixture of cash and stock, per Primack.

Rivals: Facebook and Amazon both crossed the $500 billion threshold this past summer, with the former opening trading Monday 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).

Speaking of China ... If you haven't signed up for our new newsletter, Axios China, written by Bill Bishop of Sinocism, you can check it out and sign up here.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 766,336 — Total deaths: 36,873 — Total recoveries: 160,001.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 p.m. ET: 153,246 — Total deaths: 2,828 — Total recoveries: 5,545.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30 — Rep. Nydia Velázquez diagnosed with "presumed" coronavirus infection.
  4. State updates: Virginia and Maryland issued stay-at-home orders to residents, joining 28 other states — Florida megachurch pastor arrested for refusing to call off mass services.
  5. World updates: Italy reports 1,590 recoveries from the virus, its highest ever.
  6. In photos: Navy hospital ship arrives in Manhattan
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Cuomo: Engaging in politics during coronavirus crisis is "anti-American"

New York Gov. Andrew Cuomo said during a Monday press briefing that he won't get into a political tussle with President Trump — calling it "counterproductive" and "anti-American" — as his state deals with the most confirmed coronavirus cases in the country.

The backdrop: Trump said during an appearance on "Fox & Friends" earlier Monday that Cuomo has received high polling numbers during the outbreak because New York has received federal aid.

Maryland and Virginia issue coronavirus stay-at-home orders

Data: Axios reporting; Map: Danielle Alberti/Axios

Maryland Gov. Larry Hogan and Virginia Gov. Ralph Northam issued stay-at-home orders on Monday, with exceptions for residents engaged in essential services, including health care and government functions.

The big picture: The states are the latest to announce policies to enforce social distancing, which have affected almost 250 million Americans. More than 1.5 billion people worldwide had been asked to stay home as of last week.

Go deeperArrowUpdated 3 hours ago - Health