Deals
Tencent Plans E-Book IPO as Ma Boosts Spending on Services
- IPO plan announced as quarterly earnings trail estimates
- Investment is needed to safeguard its lead in social media
Tencent Boosts Spending on Payments and Content
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Tencent Holdings Ltd. is planning to spin off its e-book business as it boosts spending on payments and content to lure users and keep them glued to its WeChat service.
An initial public offering of the Kindle-like business is planned for Hong Kong, the Shenzhen-based company said Wednesday after posting quarterly earnings that trailed analyst estimates. While net income surged 47 percent to 10.5 billion yuan ($1.5 billion), that trailed the 11 billion yuan expected by analysts.