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Tencent Holdings lifts Hong Kong shares

Hong Kong - Strength in Tencent Holdings shares helped prop up the Hang Seng Index on Thursday, as investors cheered the Chinese internet giant's $193.5m investment in logistics and warehouse firm China South City Holdings.

According to a report, Tencent Holdings has grown so rapidly that it is now China's most valuable listed technology brand, with a value even closing in on that of Wal-Mart Stores. The Tencent brand is worth about $33.9bn even though it's almost unknown outside its home turf, according to an annual ranking of China's listed companies.

The Hang Seng Index ended up 0.4% at 22 986.4 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong slipped 0.1% as turnover remained anaemic.

Tencent shares closed up 0.8%, paring gains after it rolled out on Thursday its own financial services product for mobile messaging app WeChat. The company aims to compete against similar offerings from Alibaba Group Holding and Baidu.

IShares surged

Tencent shares were up by as much as 5.4% in early trade after agreeing to buy 680.3 million new shares in China South City, representing around 9.9% of that firm's enlarged share capital.

China South shares surged 61% as both stocks hit new record closing highs.

Chinese PC maker Lenovo Group spiked another 5% to its highest since 14 April 2000. The stock has jumped 16% since Gartner and IDC released reports on 9 January that showed Lenovo bucked a broad decline in PC shipments last quarter.

* Fin24 is part of Media24, a subsidiary of Naspers.




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