Tencent Technology To Use US$199M IPO Gains For Buys

Tencent Technology, the operator of QQ, China’s largest IM platform, is planning to use the majority of the proceeds of its $199 million IPO on making strategic acquisitions…65% of the IPO’s proceeds would go toward making strategic acquisitions – value-added services probably in the e-commerce or music fields.

Tencent IPO comes as shares in Tencent peer, Internet firm TOM Online have traded below their IPO price since they listed in the middle of March.

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