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Bloomberg
Tencent Holdings Ltd, Singaporean sovereign wealth fund GIC Pte and BlackRock Inc increased their stakes in Weimob Inc through a share sale that’s said to have netted $180 million.
Weimob, which has a market value of about $1.2 billion, will use the proceeds to bankroll technology development, it said in an emailed statement. The six-year-old company, which went public in Hong Kong this year, helps businesses fine-tune their online commerce and marketing strategies. It’s now expanding its business in targeted marketing, product displays and payment processing. Tencent is an existing backer, a relationship Weimob has leveraged to help small businesses market across the internet giant’s social networking platforms.
Weimob’s shares have jumped 63 percent since its January initial public offering, vastly outpacing an 8 percent rise for the Hang Seng Index.