friendster social networking site

friendster social networking site

Tencent Holdings (0700.HK) (腾讯) China’s largest Internet firm is tipped to be one of the final bidders for social networking site, Friendster. The deal, valued at $100 million approximately, is said to be completed by the end of December, has already boosted Tencent share price 7.6 per cent today.

Friendster is now mostly used in Asia where more than half of its registered 100 million users are from and is valued by Internet blog TechCrunch at $210 million.

Facebook also showed interest but was turned down due to competition and intellectual property issues, it was reported.

Tencent Holdings (0700.HK) (腾讯) share price closes at $20.2 (HK$157.3o),  up 7.96 percent by the end of today.

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