Afterpay (APT) finds companion in Tencent
Afterpay (APT) +23.8%: continued its run today, nearly topping $40 again for the first time since late February. News broke on Friday night that Tencent had taken a chunk of APT stock to the tune of around $400m. Tencent is a Chinese based payments, communications and social media company owning the likes of WeChat & Weixin Pay, the leading mobile payments service in China. Afterpay welcomed the news and talked up the potential for a strategic partnership with the Hong Kong listed company. The Tencent stake certainly opens the Afterpay model for a push into Asia, potentially being about to reach hundreds of millions of people from day 1 if they were to launch across Tencent’s platforms. The news was helped other BNPL names higher – Zip co jumped over 5%, OPY +15% and SZL nearly 10%. The stake is further justification of the business models and more than one name will not only survive but thrive.
Afterpay (APT) Chart
