The Chinese social media giant Tencent is now worth considerably more than ten cents and is actually more valuable than Facebook.
Despite the irony of being named after one of the smallest denomination of coins available in US currency, Tencent’s Hong Kong-listed shares have doubled in value this year making it the first Asian company to reach a market capitalisation of $500-billion.
Tencent’s Head of Corporate Branding Mrs. Brenda Wareness said, “It’s true that our name does sound a bit ridiculous now that we’re up there with Apple, Microsoft, Amazon and Google as the world’s richest companies, but when we started out we didn’t have a nickel or dime to rub together – hence the name. I suppose if we’d tried to raise investment capital on Dragon’s Den, one of the dragons might have picked up on the fact that naming yourself after one of the smallest denominations of currency available might be a bad omen for the future – alas that wasn’t to be the case.”
In keeping with the trend of naming yourself after near valueless amounts of money as a way of making an ironic statement about your future projected financial success, the company is considering the names Zimbabwean Dollar, Uzbekistani Som, Indonesian Rupiah and Paraguayan Guarani as alternatives that will better reflect its recent success.
Tencent’s earnings have surged due to the popularity of its smartphone games such as Honour of Kings – a multiplayer battle arena role playing game which has as many active players as the population of Germany and whose main characters demonstrate a better ability to cooperate than the European nation’s current political incumbents.
“I suppose at the end of the day we’ve proven that the more you associate your company’s name with being skint, the more money you ultimately make. If Poundshop ever changed its name to bitcoin it could have serious implications for the company’s future financial success,” Mrs. Wareness added.