HONG KONG Jan 16 Strength in Tencent Holdings
shares helped prop up the Hang Seng Index on Thursday as
investors cheered the Chinese internet giant's HK$1.5 billion
($193.5 million) investment in logistics and warehouse firm
China South City Holdings.
The Hang Seng Index ended up 0.4 percent at 22,986.4
points, while the China Enterprises Index of the leading
offshore Chinese listings in Hong Kong slipped 0.1 percent as
turnover remained anemic.
Tencent shares closed up 0.8 percent, 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 Inc.
Tencent shares were up by as much as 5.4 percent in early
trade after agreeing to buy 680.3 million new shares in China
South City, representing around 9.9 percent of that
firm's enlarged share capital. China South shares surged 61
percent as both stocks hit new record closing highs.
Chinese PC maker Lenovo Group spiked another 5
percent to its highest since April 14, 2000. The stock has
jumped 16 percent since Gartner and IDC released reports late on
Jan. 9 that showed Lenovo bucked a broad decline in PC shipments