Tencent, Related Stocks Jump as WeChat Gifting Tool Fuels Buying

Bloomberg12-20 11:36

Chinese tech giant’s shares jump as much as 3% in Hong KongGifting function is ‘significant opportunity’ for Tencent: UBPTencent Holdings Ltd and stocks linked to the company rallied on Friday, fueled...

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Weimob Inc, a cloud computing company backed by the Chinese tech giant, rose as much as 17%. In China’s onshore stock market, snack makers Yankershop Food Co and Shanghai Ziyan Foods Co rose by the daily limit of 10%, as did cosmestics producer Guangzhou Ruoyuchen Tech Co.The stocks jumped in the wake of a move by a WeChat-based shopping platform to test a gifting function ahead of the holiday season. It will allow users to give gifts priced less than 10,000 yuan ($1,370), excluding jewelry and educational services, according to a statement. The function should help boost traffic and e-commerce on the social media platform, market watchers say.“It can be a significant opportunity for Tencent since they have the user reach but never really capitalized on it previously”, said Vey-Sern Ling, managing director at Union Bancaire Privee. “Like with the case of video accounts, Tencent is capable of catching up as a latecomer with the help of its strong traffic and execution.”Strong holiday gift-giving demand should help drive direct user traffic to WeChat mini stores and cultivate shopping habits, write Guotai Junan Securities analysts including Zi Meng in a note. Snacks, cosmetics and service providers are likely beneficiaries, they added.WeChat is making e-commerce an integral part of its offerings, which already span everything from ride-hailing to paying gas bills. Its mini stores started off by focusing on live-stream shopping, but have quickly expanded to connect with the platform’s other features, including social feeds and chat groups.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1154427362"}