Tencent eyes domestic listing

Tencent, the operator of China’s largest instant messaging service known as QQ, said it will list on the mainland once Beijing modifies rules allowing overseas companies to list on domestic bourses, Reuters reported. "We have always been considering listing in the mainland China market and hope our clients can buy our stock, but this has to depend on the market situation and clearer regulations," said the firm’s chief executive Ma Hauteng. Tencent is headquartered in Shenzhen but registered in the Cayman Islands, making it ineligible for a mainland listing. The firm is listed in Hong Kong where its shares have risen 79% this year. Ma said that Tencent currently has about US$877 million in cash which it could use for acquisitions of mobile handset applications and online game companies.