Tencent Acquisition Approval Ignites Hong Kong Internet Rally
Summary
In addition to the strong trade data, it was announced that Tencent’s acquisition of search engine Sogou (SOGO US) was approved. Tencent has seen the percentage of market cap held by Mainland investors drop from 6.95% in early June to 6.31% today. The 209 Chinese companies listed in Hong Kong within the MSCI China All Shares Index gained +2.04%, led by communication +3.88%, discretionary +3.31%, energy +2.21%, staples +1.57%, utilities +1.47%, and tech +0.8%, while healthcare fell -1.43% and materials -0.45%. The 532 Mainland stocks within the MSCI China All Shares gained +0.41%, led by communication +2.15%, staples +2.13%, energy +2.1%, utilities +2.02%, and discretionary +0.87%, while tech fell -1.72% and healthcare -0.7%. We strive to provide innovative, first to market strategies that have been developed based on our strong partnerships and our deep knowledge of investing.