By Gina Lee
Investing.com – China’s Tencent Holdings (HK:) acquired a substantial share in Australian payment firm Afterpay (ASX:), as the internet giant expands its overseas investments in smart retail and fintech services.
Shenzhen-based Tencent aims to add to overseas invessrments in new markets such as smart retail to its existing investment portfolio of more than 800 companies. It acquired a 5% share in ASX-listed Afterpay according to a company filing to the ASX on Friday.
Afterpay enables its users to “shop-now-pay-later” by allowing them to pay for their online shopping in four bi-weekly installments. The site has more than 4.3 million active users and partners with 30,600 merchants.
Afterpay’s Sydney stock shot up 23.87% to AU$36.12 ($23.16) by 12:46 AM ET (5:46 AM GMT). Meanwhile, Tencent’s Hong Kong stock was down by 3.18%.
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