Tencent shares seen up 7 pct as share split takes effect
BEIJING May 15 (Reuters) - Shares of Tencent Holdings Ltd , the Chinese social networking and gaming giant, opened 7 percent higher on Thursday after it conducted a five-for-one share split to attract small investors.
Worth over $120 billion by market value, Tencent is China's largest listed tech firm and has become the biggest potential rival to Alibaba Group Holding, the Chinese e-commerce giant readying itself for a blockbuster U.S. listing.
The social networking and online gaming firm released its first quarter earnings on Wednesday, showing record net income well above analyst expectations and profit growth at its highest level in three years. (Reporting by Paul Carsten and Donny Kwok; Editing by Miral Fahmy)
- Ukraine president accuses Russian soldiers of backing rebel thrust |
- Video shows Islamic State executes scores of Syrian soldiers |
- In town halls, U.S. lawmakers hear voter anger over illegal migrants |
- U.S. air strikes on Syria would face formidable obstacles
- Ukraine leader says Russian forces are in the country as key town falls