Tencent hits fresh peak as WeChat ban rejected

Business | Reuters 28 Oct 2020

Shares of tech giant Tencent (0700) rose 4.18 percent to record HK$585 yesterday, after a US appeals court rejected a Justice Department request that it allow the government to immediately ban Apple and Alphabet's Google from offering Tencent's WeChat for download in US app stores.

Last Friday, a US judge in San Francisco rejected a Justice Department request to reverse her decision preventing the WeChat ban sought by the US Commerce Department in response to a lawsuit filed by WeChat users.

In other news, Sands China (1928) fell 1.70 percent to HK$28.85, following reports that its parent Las Vegas Sands is exploring a sale of its flagship casinos in Las Vegas for about US$6 billion (HK$46.8 billion), Reuters reported citing a source, with the move likely to mark the exit of the group's chairman from the US gambling industry for now.

The properties included in the potential sale are Sands Expo Convention Center, the Venetian Resort Las Vegas and the Palazzo, the source added.

A potential sale of the Las Vegas properties will concentrate the company's casino portfolio entirely in Macau and Singapore.

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