Tencent Holdings Ltd, China's leading Internet firm by revenue, on Tuesday denied a newspaper report that it plans to list its popular Weixin, or WeChat, mobile messaging app as a spin-off company in Singapore.
Citing an unnamed source, the China Daily
earlier reported that Hong Kong-listed Tencent opened an office in
Singapore to deal with a listing, which it originally planned to hold in
Hong Kong. The report gave no timeframe or other listing details.
"This market news is not true," said Jerry Huang, a spokesman for Tencent.
Tencent, led by CEO and Chairman Pony Ma and
more than 30 percent owned by South African media group Naspers Ltd, is
due to announce second-quarter earnings on Wednesday.
company has invested heavily in WeChat as it and other Chinese Internet
companies such as Alibaba Group and Baidu Inc try to broaden their
With more than 300
million users in China, WeChat - which is similar to WhatsApp and South
Korean firm Kakao Inc's KakaoTalk - has strong potential earnings power
for Tencent, which is looking to monetize the app. It last week
released an updated app introducing games, paid-for emoticons and a
mobile payment system.
Tencent, valued at $88 billion, rose as much as 1.5 percent in early
trade, but by the midsession were trading down 0.05 percent at
HK$367.20. The broader Hang Seng index was up 0.7 percent.