There’s anew king of tech in China.
Earlier this week, it was reported that internet holding company Tencent had overtaken ecommerce behemoth Alibaba to become the most valuable tech company in China. Like any giant, Tencent has its fingers in many pies, but might be best known for running the social messaging apps WeChat and QQ, which are enormously popular in its home country.
The following chart fromStatistacompares Tencent to Facebook, likely its closest equivalent in the US, and should give you a better idea of just how big it is. Though Facebook is still bigger across the board, Tencent still brought in more than $3 billion in profit through the first six months of the year, while WeChat averaged a massive 800 million active users per month.