Tencent Gains $37 Billion After U.S. Reassures on WeChat Ban
- U.S. firms may be able to do business with WeChat in China
- Shares of WeChat owner post the biggest advance in a month
Tencent Holdings Ltd. jumped the most in a month after White House officials are said to have reassured American businesses that a ban on its WeChat app won’t be as broad as feared.
The WeChat owner rallied 5.8% at the close in Hong Kong Monday, making it the best performer on the benchmark Hang Seng Index, after people familiar with matter said the Trump administration is privately seeking to reassure U.S. companies including Apple Inc. that they can still do business with Tencent’s WeChat messaging app in China. In recent days, senior administration officials have been reaching out to some companies, realizing that the impact of an all-out ban on the popular app could be devastating for U.S. technology, retail, gaming, telecommunications and other industries, according to the people.