Tencent raced to a record high and is the best-performing stock in Hong Kong’s Hang Seng this morning as investors cheered a strong first-quarter profit from the Chinese internet giant.
Profit in the three months to March 31 jumped 58 per cent year-on-year to Rmb14.48bn ($2.1bn), the company reported after close of market on Wednesday, on a 55 per cent increase in revenues to Rmb49.55bn.
Tencent, which at 12 per cent is the biggest individual weighting within the Hang Seng, was up as much as 3.1 per cent in mid-morning trade at a record HK$267.80 That gives it a market capitalisation of $316.3bn, making it the ninth-biggest listed company in the world, overtaking JPMorgan, but $28bn behind eighth-ranked Johnson & Johnson.
The Hang Seng was down 0.4 per cent, with only nine of its 50 members in positive territory as markets around the region retreated amid mounting political turmoil around the Trump administration.
Chart courtesy of Bloomberg