(Yicai Global) Aug. 1 -- Chinese internet and gaming giant Tencent Holdings Ltd.'s [HKG:0700] share price hit an all-time high yesterday, taking its value to over HKD3 trillion (USD384 billion) after it bought a nine-percent stake in British game developer Frontier Developments Plc [LSE:FDEV].
The company's shares have soared 67 percent since the beginning of this year.
The Shenzhen-based firm spent GBP17.7 million (USD23.4 million) on the British gaming firm on July 27. Headquartered in Cambridge, in eastern England, Frontier Developments is best known for its Rollercoaster Tycoon series and Elite: Dangerous.
Another factor contributing to the massive growth is the success of King of Glory, which is dominating the Chinese mobile gaming market.
In the first quarter of the year, the firm brought in almost CNY50 billion (USD7.4 billion) in revenue, 55 percent more than a year earlier. Revenue from mobile games made up 26 percent of the total, with King of Glory generating income of more than CNY6 billion and boasting more than 50 million daily active players.
Tencent has begun to expand its presence in the US and European markets after succeeding in China, TechWeb reported. Aside from buying into Frontier, last year the Chinese firm spent USD8.6 billion to take over Supercell Oy, the Finnish game maker responsible for mobile hit Clash of Clans, giving Tencent the rights to more than 300 Japanese animation products.
The firm's share price closed at HKD313.4 (USD40.13) yesterday. It climbed to HKD314 as of 09.44 a.m. today.