Tencent shares jump to record

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

Hong Kong - Tencent Holdings rose to a record in Hong Kong yesterday after the internet giant announced an investment in a Chinese logistics centre operator to boost its e-commerce business, news that helped lift JSE-listed Naspers’ shares.

China South City Holdings, which is selling a 9.9 percent stake for HK$1.5 billion (R2.1bn), jumped as much as 83 percent in Hong Kong trading. Tencent may use China South City’s logistics and trade centre network to compete against Alibaba for China’s 608 million internet users who spend money online.

Tencent, whose biggest shareholder is Naspers, rose as much as 5.4 percent to HK$536 before closing 0.8 percent higher at HK$512.50.

The company has risen 92 percent in the past 12 months, compared with a 1.6 percent decline for the benchmark Hang Seng index.

On the JSE, Naspers gained 0.44 percent to close at R1 152.50 yesterday. – Bloomberg

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