Naspers hits record on Tencent surge

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Tencent REUTERS Tencent headquarters at Nanshan Hi-Tech Industrial Park in the southern Chinese city of Shenzhen.

Johannesburg - Shares of media and e-commerce firm Naspers Ltd hit a record high of 1,275 rand, propelled by a surge in Chinese internet company Tencent, in which Naspers owns a little over a third.

Tencent, China's largest internet company, gained nearly 6 percent in Hong Kong on speculation it would take a 20 percent stake in Chinese restaurant-review site Dianping for $400 million (R4.3 billion) to expand its social media empire beyond messaging, games and stickers.

Naspers stake in Tencent has fuelled a record run in the South African company's share price.

Cape Town-based Naspers is up nearly 16 percent already this year after more than doubling last year.

Naspers is up more than 4 percent at 1269.58 rand after earlier hitting its record. - Reuters

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