Youku.com Inc., the biggest video website in China, had gained the most in a week in New York trading, after Tencent Holdings Ltd. is reportedly to be in talks to buy a stake in the company, Bloomberg reported.
Youku’s shares rose 13 percent, the biggest advance since Aug. 11, to $27.01 Wednesday. Tencent’s shares were up 0.1 percent to HK$180.00 at the close of trading in Hong Kong Thursday.
Youku is “in talks with industry players all the time for strategic moves or partnerships,” according to Jean Shao, a company spokeswoman, in a telephone interview Thursday. She refused to comment on if the company talks with Tencent, as did Jane Yip, a spokeswoman for Tencent.
According to Chinese website Phoenix Tech Wednesday, Tencent was in talks to buy a stake in Youku and for Youku to manage Tencent’s online video unit. The report only cited “reliable sources” but didn’t identify.
Image: Keith Bedford/Bloomberg