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Chinese internet company Tencent’s recent surge has seen it make a sustained effort to overtake ecommerce giant Alibaba and become the most valuable emerging market stock.

The Hong Kong-listed messaging company’s market cap now stands at $270bn, ahead of its rival Alibaba, which is listed in the US and weighs in at $262bn. The two companies often trade places as the most valuable emerging market stock, but Tencent has pulled ahead since the beginning of March.

Tencent’s shares have gained 16.3 per cent since the beginning of December.

The Shenzhen-based company’s market cap is almost three times that of brewer Ambev, which has a market cap of $89.7bn and is the largest stock in Brazil’s Bovespa index. India’s biggest stock, Tata Consultancy Services, is worth almost a quarter of Tencent at $74.6bn.

Tencent’s shares have fallen 1.7 per cent today against a 1.4 fall in the benchmark Hang Seng index. The company is set to release its 2016 earnings later today.

Copyright The Financial Times Limited 2017. All rights reserved.

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