November 8, 2017 / 1:33 AM / in a year

Tencent unit China Literature set to open up 64 pct on debut

HONG KONG, Nov 8 (Reuters) - Shares in China Literature Ltd are set to open up 64 percent in their debut in Hong Kong on Wednesday as the online publishing arm of Tencent Holdings Ltd benefits from a rising tide of local enthusiasm for tech stocks.

China Literature’s IPO raised $1.1 billion after China’s biggest e-book company priced at the top of its marketed range of HK$48–HK$55.

In gray market trade on Tuesday, the shares rose as much as 67 percent.

Reporting by Jennifer Hughes and Julie Zhu; Additional reporting by Donny Kwok; Editing by Edwina Gibbs

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