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Tencent and Alibaba valuations rocket to new heights

Reaching more of Asia's 3bn people holds key to surpassing Facebook and Google

  © Reuters

GUANGZHOU/SHANGHAI/TOKYO -- Chinese technology groups Tencent Holdings and Alibaba Group Holding have seen their valuations push closer to the rarefied plane occupied by the likes of Facebook and Google parent Alphabet, which they just may topple by winning the battle for emerging Asian markets.

The duo's combined market capitalization has more than doubled since the end of last year to more than $900 billion -- a steeper climb than the 30-60% logged by the U.S. giants that dominate the ranks of the world's most valuable companies. Tencent now sits at seventh place on that list, with Alibaba in eighth. Together, they are worth somewhat more than top-ranked Apple.

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