Tencent weighs down Naspers

Tencent Holdings reported profit yesterday that missed analyst estimates after the Chinese internet company spent more on the development of mobile applications to compete against Alibaba Group Holding and finance costs climbed.

Tencent stock has climbed 31% this year, compared with a 2.7% increase for the city’s benchmark Hang Seng Index. Major shareholder Naspers’ shares dropped after the announcement, and were down 2.03% by 1.14pm. –