Tencent Holdings Ltd. has agreed to invest HK$2.86 billion (US$367 million) in China International Capital Corp Ltd (CICC) for a 4.95% stake in the company. At the same time, the two parties said they have agreed to establish a strategic partnership in a range of services and products leveraging Tencent’s financial technology and CICC’s wealth management capabilities, according to a joint announcement. The move is another major bet on China’s financial services industry by social networking and gaming giant Tencent. …

Tencent To Acquire 5% Of Chinese Investment Bank CICC In Bet On Financial Services appeared first on China Money Network.