Stock Track | Weimob Soars 26% as WeChat Gifting Tool Fuels E-commerce Optimism

Stock Track12-20 14:04

Shares of Weimob Inc, a cloud computing company backed by Chinese tech giant Tencent, soared as much as 26.83% in intraday trading on Friday. The rally was fueled by investor enthusiasm around a new gifting function being tested on Tencent's hugely popular WeChat messaging platform.

The new WeChat feature allows users to send gifts priced below 10,000 yuan ($1,370), excluding jewelry and educational services. Market watchers see this as a significant opportunity for Tencent to boost traffic and drive e-commerce activity on WeChat, which already offers an array of services from ride-hailing to bill payments.

"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. "Tencent is capable of catching up as a latecomer with the help of its strong traffic and execution."

Analysts expect the gifting tool to drive demand for products like snacks and cosmetics ahead of the holiday season, with companies in these sectors also seeing share price rallies. Weimob, which provides cloud services to enterprises, is poised to benefit from WeChat's growing e-commerce ambitions and integration with its platforms.

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