Chinese digital titan Tencent has emerged as Asia's most valuable company as its shares soared at record high on the Hong Kong Stock Exchange on Monday.

Shares of Tencent closed at HK$ 420 a share, which sets its market price at $510.7 billion, turning it into the 6th highest ranked company in total market value globally, the company said.

Tencent is also the 1st Asian company to surpass the $500-billion mark, it said.

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On Nov 15, Tencent released its unaudited combined results of Q3 2017, with its overall revenues at $9.825 billion, a 61% growth year on year .

Ma Huateng, CEO and Chairman of Tencent, stated the firm registered healthy progress in online advertising, payment related services, games and digital content.

Experts said the latest market price positions Tencent in on par with US technology titans such as Alphabet, Apple, Amazon, Facebook and Microsoft, whose valuations are all above the $500 billion range.

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