(Yicai Global) June 23 -- Tencent Holdings surpassed Alibaba Group Holding as China's most valuable company this morning.

Shares of the Shenzhen-based internet firm surged 4.05 percent to HKD493.40 (USD63.70) by the end of the morning session, equaling HKD4.71 trillion (USD607.7 billion) in market value.

The Hangzhou-based e-commerce giant's Hong Kong-listed shares went up 1.78 percent to HKD216.80, bringing its market cap to HKD4.65 trillion.

Alibaba's New York-listed shares rose 0.35 percent to USD221.41 yesterday.

Editor: Emmi Laine