Tencent Gains $26 Billion After U.S. Reassures on WeChat Ban
Tencent Holdings Ltd. Jumped the most in two weeks after White House officials said to have assured American businesses that the WeChat ban would not be as broad as feared.
WeChat's owner rose as much as 4.2% in Hong Kong on Monday after people familiar with the matter said the Trump administration was particularly seeking reassurance from US companies, including Apple Inc. They can still handle the WeChat messaging app from Tencent in China. In recent days, senior administration officials have reached out to some businesses, realizing that the impact of a widespread ban on the popular app could be devastating for technology, retail, gaming, telecommunications, and other industries from the United States, according to People.
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