A Chinese tech giant just joined Facebook and Amazon in the $500 billion valuation club

The latest company to cross the $500 billion valuation threshold is virtually unheard of in the West.

Shares of Shenzhen-based Tencent, a company that made its mark with its popular WeChat messaging service, rose 4.1% in trading Monday on the Hong Kong Stock Exchange to close at HK$420, bringing the company’s valuation to HK$3.99 trillion (about $510 billion).

That places Tencent alongside major US-based technology giants who have passed the $500 billion mark in recent months. Amazon,...

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