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Tencent to take about 5 pct stake in investment bank CICC for $367 mln
September 20, 2017 / 1:54 PM / 2 months ago

Tencent to take about 5 pct stake in investment bank CICC for $367 mln

Sept 20 (Reuters) - Tencent Holdings Ltd will invest HK$2.86 billion ($366.6 million) in China International Capital Corp Ltd (CICC) for a 4.95 percent 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 percent 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 percent stake worth about $1.5 billion in brokerage First Capital Securities Co Ltd.

$1 = 7.8019 Hong Kong dollars Reporting by Ambar Warrick in Bengaluru

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