Tencent on Monday punched through a stock market capitalisation of $500bn, becoming the first Chinese technology company to join an elite group dominated by US groups and putting it within spitting distance of Facebook’s $522bn.

The social media group is a fitting champion for 21st century China. Founded by a low-profile engineer and privately owned, the company’s services infiltrate every aspect of citizens’ lives: chatting, eating, paying, gaming and music. More than half of the 980m users of its WeChat platform spend over 90 minutes on the app every day.

Little known outside China, Tencent dominates its home turf thanks in part to Beijing’s block on Facebook. While its international forays have been lightweight — mainly aimed at Chinese tourists going to Las Vegas and other hotspots — it has bought stakes in big US tech names including Snap, owner of messaging company Snapchat, and electric carmaker Tesla.