Tencent-backed China Literature raises $1.1b in Hong Kong IPO

Tencent-backed China Literature raises $1.1b in Hong Kong IPO

Wu Wenhui, co-chief executive officer and executive director of China Literature Ltd., pauses during a news conference in Hong Kong, China, on Wednesday, Oct. 25, 2017. Photographer: Anthony Kwan/Bloomberg

An IPO for China Literature, Tencent Holdings’ online publishing arm, has raised $1.1 billion with the retail portion gathering demand that was 625 times the number of shares on offer, setting the stage for a sterling debut on Wednesday.

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