(Yicai Global) May 14 -- Driven by share price surge, Chinese tech titan Tencent Holdings’ market value reached HKD4.27 trillion (USD551 billion), above that of its rival Alibaba Group Holding’s [HK:9988] HKD4.18 trillion.

Tencent shares [HK:0700] rose 4.05 percent to HKD447 (USD58) by mid-morning on better-than-expected first-quarter profits to hit their highest point since March 2018.

Shenzhen-based Tencent's net profit was CNY28.96 billion (USD4.1 billion) in the period, far higher than the CNY23.8 billion the market projected.

Editor: Ben Armour