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Tencent becomes China’s largest tech company

Tencent (OTCPK:TCEHY) has overtaken Alibaba (NYSE:BABA) to become China’s most valuable tech company after unveiling a strong set of earnings.

The firm posted a 47% climb in net income to a record 10.74B yuan, handily beating estimates on strong growth in mobile gaming and advertising.

Tencent shares rose 5% on the news to reach a market capitalization of $246B, compared with Alibaba’s market value of $242B.