After opening higher this morning, Tencent experienced a sharp rise of nearly 1% to HK$304.8, and its stock price reached a new listing high. By the midday closing, Tencent had risen 0.79% to HK$304.6, with a turnover of HK$3,045 million, a trading volume of 1,0334 million shares, and a market capitalization of HK$2.88 trillion. A number of major banks maintained Tencent's “buy” rating. Among them, Nakanomura raised the target price to 341 yuan.
Nomura published a report raising Tencent's target price from 301 yuan to 341 yuan. The bank indicates that WeChat is expanding into the offline market. The goal of WeChat Mini Programs (WMPs) is aimed at merchants to buy search advertising services to reduce barriers to reaching users. The service directs the advertiser to a small program by entering a keyword or based on the user's location.
HSBC raised Tencent's target price from 290 to 317 yuan; China Merchants International Securities maintained its “buy” rating, with a target price of 321 yuan.
