Rising demand for semiconductors has helped lift Taiwan Semiconductor Manufacturing Co. to a market capitalization of $600 billion, making it the most valuable company in Asia. TSMC M-cap . The company it displaced atop the Asia list is China’s Tencent Holdings Ltd., which has suffered from Beijing’s sustained regulatory scrutiny on China’s technology giants. Tencent finished Tuesday with a market value of about $569 billion. TSMC has consistently been worth more than Tencent since Dec. 15, FactSet data shows. Before that, it overtook Tencent several times since early August, only to cede the top spot again. TSMC chips can be…