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| Name | Symbol | Market | Type |
|---|---|---|---|
| Tencent Holdings Ltd (PK) | USOTC:TCEHY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.37 | 0.85% | 44.12 | 44.05 | 44.10 | 44.39 | 43.65 | 43.8499 | 1,687,389 | 21:00:00 |
From May 2019 to May 2024
By Michael Dabaie
Farfetch Ltd. (FTCH) shares were up 10% to $12.45 in early trading after the company said it is raising $250 million from Tencent Holdings Ltd. (0700.HK) and Dragoneer.
The technology platform for luxury fashion said it agreed to issue and sell, via a private placement, convertible senior notes in an aggregate principal amount of $250 million. Tencent agreed to purchase $125 million of the notes, and San Francisco-based investment firm Dragoneer agreed to purchase the remaining $125 million.
Farfetch said that as of December 31, its cash and cash equivalents balance was about $320 million.
The additional capital will facilitate focus on growth plans, including in the China market, and working toward operational profitability.
Tencent's investment expands the relationship between the two companies, which are working on luxury brands reaching Chinese consumers through Tencent's WeChat platform.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 30, 2020 09:53 ET (14:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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