Tencent gets US partner

Business | Avery Chen 5 Dec 2018

American online brokerage firm TD Ameritrade has partnered with China tech giant Tencent (0700) to tap into the massive user base of WeChat, the mainland's most popular social media platform.

The partnership comes as China opens further to foreign financial firms.

TD Ameritrade announced on Monday the launch of a portal on WeChat for users in the United State to check market data and other information. A similar portal for Hong Kong users will be launched in August next year.

Meanwhile, Tencent said yesterday that its online music arm ,Tencent Music, has priced its US public offering at range between US$13 (HK$101.40) and US$15 per share, with equity valuation tipped at between US$22.0 billion and US$25.4 billion.

Tencent also said it proposed to provide qualifying shareholders with an assured entitlement of a certain number of American depositary shares by way of the distribution in specie.

Xinyi Solar (0968) spinoff Xinyi Energy, which owns and operates solar farms in the mainland, plans to open book for a Hong Kong IPO to raise about US$450 million to US$570 million as early as Friday, according to Reuters IFR.

In other news, mainland developers turned in diverse performances in contracted sales last month.

Evergrande China (3333) said contracted sales fell 29.1 percent year on year to about 34.07 billion yuan (HK$38.92 billion) in November, with contracted sales area of 3.27 million square meters, 33 percent lower from a year earlier.

Shimao Property (0813) said contracted sales soared 89 percent year-on-year to 19.1 billion yuan, with 1.11 million square meters of contracted sold area, up 77 percent from a year earlier. China Aoyuan Property (3883) recorded unaudited contracted sales of 6.36 billion yuan, representing a year-on-year increase of 47 percent.

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