Tencent soars after topping Barclays' list
HONG KONG: Tencent Holdings Ltd, Asia's biggest Internet company, surged to a record in Hong Kong trading after analysts at Barclays plc named it among its top picks in China's online sector.
The shares rose 4.9 per cent, headed for the largest gain since May 20, to HK$451 (RM184) as of 10.38am yesterday, giving it a market value of US$108 billion (RM342.65 billion).
Tencent, along with Qihoo 360 Technology Co and Ctrip.com International Ltd, are the top picks for Chinese Internet stocks, Barclays analysts led by Alicia Yap said in a report yesterday.
Tencent, which has doubled annual revenue in the past two years, is tapping into the sevenfold surge in China's online population since its 2004 initial public offering.
The stock is also benefiting from a rally in United States Web stocks as Google Inc and Facebook Inc reached record highs last week, said Billy Leung, an analyst at RHB Research Institute Sdn Bhd here.
Tencent had 990 million registered instant messaging accounts at the end of the second quarter, compared with about one million accounts in 1999, according to its website. Bloomberg