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Tencent to take about 5% stake in investment bank CICC for $367 million

Tencent Mobility, a unit of Chinese internet company Tencent, will subscribe for 207.5 million new Hong Kong-listed shares of CICC at a price of HK$13.80 per share, representing an 11% discount to the stock`s Wednesday closing price.

Tencent to take about 5% stake in investment bank CICC for $367 million
A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing. Photo: Reuters
Written By: Reuters
Updated: Thu, Sep 21, 2017
08:42 am
Delhi, Reuters
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Tencent Holdings Ltd will invest HK$2.86 billion ($366.6 million) in China International Capital Corp Ltd (CICC) for a 4.95% stake in the Chinese investment bank, CICC said on Wednesday.

Tencent Mobility, a unit of Chinese internet company Tencent, will subscribe for 207.5 million new Hong Kong-listed shares of CICC at a price of HK$13.80 per share, representing an 11% discount to the stock`s Wednesday closing price.

Tencent`s investment comes as several technology-focused players enter financial sectors such as securities, banking and insurance.

Reuters reported last week that JD.com Inc, Tencent`s rival and China`s No.2 e-commerce company, was in talks to buy a 24% stake worth about $1.5 billion in brokerage First Capital Securities Co Ltd.