Tencent, Related Stocks Jump as WeChat Gifting Tool Fuels Buying

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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. 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