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
RELATED NEWS
After MiPay, this UPI payment app set to enter Indian market After MiPay, this UPI payment app set to enter Indian market
Tencent, Kakao among shortlisted bidders for S.Korean gaming firm Nexon: Korea Economic Daily Tencent, Kakao among shortlisted bidders for S.Korean gaming firm Nexon: Korea Economic Daily

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.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.