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Tencent and Alibaba in a battle to enter the trillion-dollar market cap
On July 7, shares of Alibaba soared 3.46% with a market cap exceeding 5 trillion Hong Kong dollars, surpassing Tencent market cap 495.131 billion Hong Kong dollars, returning to China's biggest company by market cap. So far, Alibaba shares are worth HK$49,877,719 million and Tencent shares are worth HK$49,304,365 million, Alibaba still occupies the top spot in Internet market cap.
And a few days ago, on June 29, Tencent overtook Alibaba's HK$4.48 trillion to become the China's biggest company by market cap. Alibaba and Tencent, the two China's leading Internet companies, are engaged in a tight race for becoming China's biggest company by market cap, while the other Internet giants are are still far behind.
In the Internet industry, the performance of Alibaba and Tencent has been compared repeatedly, but why is the battle for the top spot in China's stock market cap still going on? The battle between Alibaba and Tencent for the top spot in China's stock market cap is likely to continue, as both giants are focusing on the B-side market. And who will be the first to enter the trillion-dollar market cap in the future, Alibaba or Tencent?