(Yicai Global) Nov. 17 -- Chinese internet colossus Tencent Holdings Ltd. [HK:0700] hit a new record high today, with a valuation over HKD3.8 trillion (USD486.65 billion) as its per share price also broke through the HKD400 barrier.

The company achieved CNY65.21 billion (USD9.84 billion) income in the third quarter, with a 61 percent annual growth, per its financial report issued Nov. 15. The company's net profit was also up 69 percent to CNY18.01 billion.

Tencent's price rose for straight two days following the release of its scintillating report to hit a new record high of HKD405.00 per share in afternoon trading.

Tencent has thus surpassed its domestic archrivals Alibaba Group Holding Ltd. [NYSE:BABA] to become the most valuable company in Asia. Alibaba also rose, up 2.18 percent to USD185.43 per share at the close, with a valuation of USD473.66 billion.