Tencent briefly hits fresh record high as it battles Alibaba for title of Asia's biggest company

Tencent

At the intraday highs of their respective Hong Kong-listed shares, both Tencent and Alibaba's market cap stood at 4.82 trillion Hong Kong dollars . That's according to CNBC calculations, multiplying the stock price by number of shares outstanding.Still, Tencent could see further gains. On Tuesday, analysts at Bernstein raised their target price to 570 Hong Kong dollars per share, representing upside of almost 13% from the stock's Wednesday high.

"We think there were many who thought ByteDance would steal market share away from Tencent and that simply isn't happening," he said, referring to the Chinese tech unicorn behind the"It is possible for there to be two big digital ad companies in China and Tencent's digital economy of scale is difficult to replicate or overthrow," Campling said.

"We believe Tencent has reached a tipping point in advertising as its technology improved while ByteDance's growth slows down, allowing Tencent to take further market share going forward," the analysts said. "We raise Tencent advertising revenue growth this year to 29% YoY . In the next 3 years, we see 24% advertising growth as Tencent gains further market share."

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