But a closer look at the list of the most valuable companies in Asia shows that Chinese and Japanese companies continue to dominate.
Tencent's market value increased by 261.4 billion U.S. dollars in 2017 with a total market capitalization of 493.3 billion U.S. dollars. TencentstockIn the new year, a larger increase was realized. According to the closing price of Hong Kong on January 9, the market capitalization of this technology group was about 539 billion U.S. dollars, which brought it closer to Facebook andAmazondistance. At the close of deals on Jan. 8, the market value of Facebook and Amazon hit 547 billion U.S. dollars and 600 billion U.S. dollars respectively.
Tencent's social media platform, WeChat has nearly 1 billion users, and Alibaba's advantage lies in e-commerce. Both companies have achieved rapid growth.
The two companies entered the field of mobile payment, further aroused investor interest. From July to September 2017, the total mobile payment amounted to 29.49 trillion yuan (4.54 trillion U.S. dollars), of which Tencent and Alibaba accounted for more than 90% of the market.
Foreign investors have injected funds into Tencent and Alibaba, hoping the two companies will have a dual monopoly in the payment field to help them tap the Chinese consumer and service markets.
In addition to Tencent and Alibaba, Ping An Group's market capitalization doubled last year to 193.9 billion U.S. dollars. For years, its massive investment in artificial intelligence and big data prompted investors to see it as a financial technology company.
Ma Mingzhe, chairman and chief executive officer of Ping An Insurance, together with Ma Yun of Alibaba and Ma Huateng of Tencent, are collectively referred to as the "three horses" of Chinese enterprises.
Shares of Hangzhou Hikvision Digital Technology Co., Ltd., the world's largest maker of surveillance cameras, rose about 160%, ranking No. 40 in the rankings. The company also actively seeks to work with companies such as Intel and SAP to develop cutting-edge new products.
Technology companies outside of mainland China also performed well. Although South Korea's Samsung Electronics slipped to third place in 2017, its market capitalization still increased by nearly 50%. TSMC ranked ninth.
The popularity of IoT technology has driven the demand for chips. Samsung and TSMC made substantial investments in producing more advanced semiconductors, convincing investors that the two companies will remain competitive in the future.
Of the top 50 listed companies in the market capitalization, there are 26 Chinese enterprises. Japan followed 14 with Toyota among the 7th and Honda 32nd. SAIC ranked 36th due to the growing sales of cars co-produced with Volkswagen and General Motors.
Among other Japanese companies, shares of Sony and Nintendo rose sharply during the year. Sony has reaped a profit as a result of the significant drop in fixed costs over the years, while also benefiting from the smartphone sensor and gaming business.
Last year, the total market capitalization of listed Asian companies rose 28% to 25.75 trillion U.S. dollars, accounting for 31.8% of the global market capitalization, an increase of 1 percentage point from 2016 but below the peak of 32.2% in 2015.