A group of Chinese Internet stocks extended recent gains Monday, even as broader measures of Chinese stocks fell slightly ahead of a Hong Kong holiday celebrating the city's 1997 return to Chinese rule.
The deal may bolster Tencent in competition with rival Alibaba Group, expected to launch a much-anticipated initial public offering later this year.
Among the biggest gainers Monday, SINA (NASDAQ: SINA) rose nearly six percent to $50.62 a share. Sky-mobi (NASDAQ: MOBI) was up 5.26 percent to $8.40 and E Commerce China Dangdang (NYSE: DANG) picked up 3.27 percent to $13.25.
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