Deals
China Literature Soars in Hong Kong Debut After Tencent Spinoff
- Its first-day gain was the best among major IPOs in 2017
- Company will convert book IPs into anime, films, games
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China Literature Ltd. surged 86 percent in its Hong Kong debut after Tencent’s online books unit raised HK$8.3 billion ($1.1 billion) in the largest tech coming-out party for the city since 2007.
The stock finished Wednesday at HK$102.40, almost double its HK$55 initial public offering price and conferring a value of almost $12 billion on the debutante. The company, spun out from Tencent Holdings Ltd., notched the best first-day performance of any IPO that raised $500 million or more in 2017.