January 16, 2014 / 1:35 AM / 4 years ago

China South City shares surge after Tencent investment

HONG KONG, Jan 16 (Reuters) - Shares of China South City Holdings were set to start up more than 83 percent on Thursday as investors cheered Tencent Holdings' HK$1.5 billion ($193.5 million) investment in the logistics and warehouse firm.

Tencent Holdings Hong Kong shares were also set to open up 4.9 percent, while China South City stocks were set to surge to a record high.

Tencent said on Wednesday it had agreed to buy 680.3 million new shares in China South City, representing around 9.9 percent of the latter's enlarged share capital. (Reporting by Clement Tan; Editing by Paul Tait)

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