Tencent, Related Stocks Jump as WeChat Gifting Tool Fuels Rally
- Chinese tech giant’s shares jump as much as 3.5% in Hong Kong
- Gifting function is ‘significant opportunity’ for Tencent: UBP
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Tencent Holdings Ltd. and stocks linked to the company rallied on Friday, fueled by investor enthusiasm over a new gifting function on its popular WeChat platform.
Tencent’s shares jumped as much as 3.5% in Hong Kong, putting them on course for their first weekly gain in months. Weimob Inc, a cloud computing company backed by the Chinese tech giant, rose as much as 23%. On the mainland, snack makers Yankershop Food Co and Shanghai Ziyan Foods Co rose by the daily limit of 10%, as did cosmestics producer Guangzhou Ruoyuchen Tech Co.