May 15, 2014 / 1:40 AM / 4 years ago

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)

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