Tencent denies China Mobile's stock purchase

Asian Tech Press (Oct 25) -- Chinese social and gaming giant Tencent denied rumors of China Mobile Ltd's stock purchase.

Market rumors said that China Mobile, one of China's three state-owned telecom operators, may acquire part of Tencent's equity, in a bid to partially nationalize the tech giant.

In response, Tencent said Monday that the news was untrue.

On the same day, Tencent's Hong Kong shares closed at HK$206.2 with a drop of 11.43%, hitting a new low since April 2017.

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