November 7, 2017 / 1:02 AM / in a year

Tencent confirms China Literature shares priced at top of range

HONG KONG, Nov 7 (Reuters) - Tencent Holdings Ltd said on Tuesday the final offer price for an initial public offering of its online publishing arm was HK$55 per share, confirming a report by a Reuters’ publication that the Chinese e-book company had priced its shares at the top of a range.

China Literature Ltd, the country’s No.1 online publisher, and some of its existing shareholders are set to raise a combined HK$8.33 billion ($1.1 billion) after pricing the Hong Kong IPO at top of the HK$48–HK$55 range, the IFR reported last week.

The market capitalisation of China Literature would be about HK$49.85 billion and trading in its shares would begin on Nov. 8, Tencent said in a filing to the Hong Kong bourse.

China Literature, which is majority-owned by Tencent, has a business akin to Inc’s Kindle Store, operating a platform with 9.6 million literary works from 6.4 million authors. (Reporting by Donny Kwok; Editing by Stephen Coates)

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