Shares in Chinese internet giant Tencent’s e-book arm, China Literature, surged more than 60 percent on their debut on the Hong Kong stock exchange Wednesday, after raising US $1.1 billion in an IPO. The company calls itself a “pioneer” of China’s online literature market, carrying 6.4 million writers and 9.6 million literary works. Analyst Dickie Wong told AFP that investors saw a lot of potential in China Literature and its prospects for growth. Popular selfie app developer Meitu debuted on the Hong Kong stock exchange in December after raising $629 million in the largest IPO by a tech company in the city in almost a decade. Video game accessories maker Razer is also looking to list in Hong Kong and is expected to raise at least $400 million.

Source: Egypt Independent November 08, 2017 03:56 UTC