Tencent rises in HK after results top analysts' estimates

Hong Kong

TENCENT Holdings Ltd rose in Hong Kong after posting accelerating sales growth and topping the most optimistic of analyst estimates.

The shares rose as much as 2.7 per cent to HK$393.40 (S$68.35) in early trading, on pace for a record close. The owner of WeChat, the social network that is nearly ubiquitous in China, reported a 61 per cent rise in third-quarter sales on Wednesday. Fuelled by advertising and hit game Honour of Kings, the growth was the fastest since 2010, when revenue was a mere one-fourteenth of its current level.