Shares in Tencent are on track for their best gain in a year after the Chinese internet giant delivered a quarterly profit ahead of expectations.
The Hong Kong-listed stock was up 5.3 per cent at a record high HK203.20, and on track for its biggest one-day gain since August 13 last year.
Tencent’s results, delivered in the US overnight, were buoyed by its continued foray into smartphone games. In June, the company announced it was part of a consortium that would take an 84.3 per cent stake in Supercell, the Finnish company behind the popular Clash of Clans mobile game.
Shares are up 33.3 per cent so far this year, compared to a 5.3 per cent gain for the Hang Seng, the benchmark in which it occupies a 10.5 per cent weighting – the largest of any stock in the index.
Get alerts on Front page when a new story is published