(Dow Jones) Shares of Alibaba Group rallied 2.3% in morning trade into record territory Monday, but the China-based ecommerce giant was beaten to the $500bn value mark by Hong Kong-based videogame and WeChat operator Tencent Holdings.
With about 2.56 billion shares outstanding, and with a stock price of $189.44, which is above 7 November record close of $188.51, Alibaba has a market capitalisation $484.19bn.
Tencent's stock rose had run up 4.1% to a record 420.00 Hong Kong dollars, in the aftermath of last week's third-quarter results.
Based on 9.50 billion shares outstanding, and an currency exchange rate of HKD7.8125 per USD, Tencent has a market cap of $510.66bn.
In comparison, five S&P 500 components have market caps above $500bn: Apple at $872.42bn, Google parent Alphabet at $715.24bn, Microsoft at $635.87bn, Amazon.com at $543.19bn and Facebook at $520.35bn.