This is a huge win for the company as Tencent Holdings Ltd. now has a market value that is more than that of Facebook. This achievement has made them the first Chinese tech company to become one of the top five largest corporations in the world. This came after the market value for the company reached a record $500 billion.

Investors were flocking into the social network company, with the company improving on its already impressive 127% rally for the year. The social media section of the company now has a market value of $292 billion as of Tuesday’s close, a figure which has surpassed that of industry giants Facebook.

Just like Amazon had made Jeff Bezos the world’s richest man, the surge in the stocks of Tencent has made the founder the Ma Huateng the mainland’s second-richest man. Tencent is the owner of WeChat messaging service which is very popular in China, with the social media company now worth $523 billion, a figure that is a bit ahead of Facebook which is valued at $522 billion.

Investors are of the view that the large customer base of its social media platforms which have other a billion users and its hit games like Honour of Kings will aid the company to become an advertising and entertainment giants, just like big tech companies Google and Facebook. Tencent has been around for around 20 years now, evolving from a web portal to becoming one of the world’s leading biggest purveyors of video games. It is expected that the company will likely venture into new markets such as video streaming and finance.

The surge by the company though is reaching beyond historical valuations. The stock of the company is currently trading at 50x forward earnings, which is more than the 30x average it has recorded in the last two years.

Of the other four top rated companies in the world namely, Apple Inc., Alphabet Inc., Microsoft Corp. and Inc., only Amazon is valued a much less. No analyst rated Tencent a sell at the moment, with their stock is around 2.4% below the average price target of HK$440.64. Analysts also expect the price of Facebook’s stock to increase by 16% in the next 12 months.