Tencent Overtakes Facebook As Hong Kong Stocks Flash-Smash Overnight

Hang Seng futures exploded over 5% higher as after hours trading began last night, then crashed back to unchanged as the underlying cash index hit its highest since Nov 2007 on the heels of a surge to new record highs for Chinese tech giant Tencent – which is now larger than Facebook by market cap.
Contracts for November delivery rose to 31,341 at 5:15pm for a 5.1% premium over the underlying gauge…
Hong Kong’s benchmark equity measure advanced 1.9% on Tuesday to its highest close since November 2007, as WSJ reports, one day after its market capitalization surpassed $500 billion, the company behind messaging app WeChat rallied by another 2.4% on Tuesday, lifting its market value to $523 billion.

This post was published at Zero Hedge on Nov 21, 2017.