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China tech giants lift Hong Kong shares, Tencent at record close

Thursday, 16 Jan 2014 | 3:10 AM ET

HONG KONG, Jan 16 (Reuters) - Strength in Tencent Holdings shares helped prop up the Hang Seng Index on Thursday as investors cheered the Chinese internet giant's HK$1.5 billion ($193.5 million) investment in logistics and warehouse firm China South City Holdings.

The Hang Seng Index ended up 0.4 percent at 22,986.4 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong slipped 0.1 percent as turnover remained anemic.

Tencent shares closed up 0.8 percent, paring gains after it rolled out on Thursday its own financial services product for mobile messaging app WeChat. The company aims to compete against similar offerings from Alibaba Group Holding and Baidu Inc.

Tencent shares were up by as much as 5.4 percent in early trade after agreeing to buy 680.3 million new shares in China South City, representing around 9.9 percent of that firm's enlarged share capital. China South shares surged 61 percent as both stocks hit new record closing highs.

Chinese PC maker Lenovo Group spiked another 5 percent to its highest since April 14, 2000. The stock has jumped 16 percent since Gartner and IDC released reports late on Jan. 9 that showed Lenovo bucked a broad decline in PC shipments last quarter.

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