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Miguel Cordon · · 1 min readTencent pours $429m into Chinese gaming firm to increase stake
“Shares of Century Huatong Group jumped after the Chinese gaming giant said that Tencent Holdings spent 2.8 billion yuan (US$429.1 million) to become its second largest shareholder,” Yicai Global reported.
Details:
- From having a 5% stake in Century, Tencent has increased its shareholding by 372 million shares to have a total of 10% of the gaming firm’s outstanding stock.
- Century’s stock jumped by as high as 7.5% to 8.15 yuan (US$1.25) early yesterday, but closed at 7.61 yuan (US$1.17).
Context:
- The company said its chairman Wang Miaotong also plans to sell a 5% stake to Century CEO Wang Ji at 7.5 yuan (US$1.15) apiece, giving the chief executive and other parties acting in concert roughly 15% of Century’s overall stock.
- Century Huatong started in 2005 specializing in car parts before transforming into a full-fledged gaming firm in 2014.
Editing by Collin Furtado and September Grace Mahino
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