Deals
Social Media Giant Tencent Gets Into Old-School Finance
- WeChat operator invests about $372 million for 5% slice
- CICC seeks to expand wealth management business with fintech
Shares of CICC jumped by a record after it said Tencent is paying HK$2.9 billion ($372 million) for roughly 5 percent of China’s oldest investment bank.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
Tencent Holdings Ltd., China’s largest social media firm, is entering the traditional finance industry by investing in CICC International Capital Corp., a move that may help the investment bank’s expansion in wealth management.
Shares of CICC jumped by a record after it said Tencent is paying HK$2.9 billion ($372 million) for roughly 5 percent of China’s oldest investment bank. The companies will team up on marketing and data analysis, according to an exchange filing.